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Covid -19 distribution from IRA
I have been unable to get my IRA distribution, that is Covid -19 eligible, to show up correctly so that only 1/3 is taxable in 2020. I did a $60K conversion from traditional IRA to Roth IRA and also took a cash distribution of $60K from the same traditional IRA (which is the Covid -19 eligible amount). I received (1) 1099 from my financial institution showing a gross distribution of $120K. No matter how I enter this information (either as one or two IRA 1099 distributions), Turbo Tax states on the last page 'Taxpayer reported $0 as COVID -19 Distribution' and leaves the full amount of the COVID -19 eligible distribution ($60K) as taxable in 2020.
March 1, 2021
8:40 PM