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Get your taxes done using TurboTax
Someone told me that because box 2b of my 1099-R "Taxable Amount not determined" the correct thing to do is change the value in box 2a (Taxable Amount) to 0. When I go this I get the intended outcome of not being double taxed on distribution however the turbotax software is not happy with this and keeps identifying it as a problem I need to fix.
In 2020 I purchased my first house and I ended that amount of the IRA early distribution as the amount that I withdrew from an ira to use for the purchase of my house, this only reduced my taxes by $4.00, should have this reduced my removing the 10% penalty on the early distribution.
‎April 16, 2021
3:14 AM