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Deductions & credits
In 2018 I received an ESOP of $10,237 that I rolled over into an IRA. I turned 71 in Dec. 2019. It seems like only $6,500 was accepted, and $3,737 is considered excess. I paid a tax on that $3,737 last year. Also, in 2019, I withdrew $1,113 from my IRA.
I"m doing my tax on Turbo Tax Premium and am being hung up on this. What entry will I make in the Retirement section for 2019? I think the excess is $2,624 ($3737-$1113= $2624) I tried to enter that next to the $10,237 2018 entry, but it didn't work. I really need help.
4/13/20 Thanks, everyone. I found the problem and corrected it. IRS accepted the return. I had made a mistake on the 2018 tax. I had to amend and now waiting for refund.
‎February 26, 2020
2:08 PM