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Get your taxes done using TurboTax
TurboTax does not calculate 1040 Line 4b correctly if there are two IRA COVID distributions to report. Until TurboTax creates a software fix or other workaround for this error, and to maintain an accurate "Federal Tax Due" result, a temporary bandaid is to include the second IRA distribution as "Other Common Income" in the 1099-MISC income section. Not sure how IRS will like that one if a TurboTax correction is not available before April 15!
March 11, 2021
7:08 PM