After reviewing the Form 8915-E calculations, I found that the calculations are not correct.
For example:
I withdrew $100K and paid back 40% of it, for a total of $40K.
I owe taxes on the $60K I did not repay.
I want to pay taxes on $20K per year, for three years.
TT says I don't owe any additional taxes this year. REALLY???
Once the paid back amount falls to under 33.33%, then TT has me paying additional taxes.
It's like the paid back amount is being multiplied by 3.
Does anyone have an explanation?
Thanks!
