Dmertz, much thx for your kind response. Very happy to come across someone with your expertise in this matter. To piggyback off this, I have 10% of the distribution being withheld as federal tax. As such, to "get that back", my understanding is I need to pay this same amount from my own funds, back to the IRA custodian. That is box 4 from the 1099R.
On my 1099 R, box 1, is the full amount to be rolled over. Once I agree within Turbo Tax to rollover the full amount to a proper IRA, my refund will show me getting back the 10% I had to pay out of my own pocket to the custodian.
Seems strange to me......pay the 10%....only to see the 10% returned to me a few weeks later as a refund. But if that is what the 1099 in Turbo tells me to do, I'll do it...?
Thoughts?
