Hello Tax and TT gurus,
Having received a 1099-R as part of a 401(k) -> Rollover IRA distribution, the FMV value reported on the 5498 which is asked for on the, "Value of Traditional, SEP, and SIMPLE IRAs on December 31, 2021" question within TT, is being used (I believe incorrectly) in Form 8606 calculations which ends up with income being reported on Line 4b on the 1040. --as a Rollover, shouldn't the entire rollover amount be a non-taxable? Why is it being used in 8606 calculations?
