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Ineligible Rollover IRA Contribution Revoked, but TurboTax Showing it as 'Income'
Recently retired and I transferred 2024 allowable funds from an investment account to my Rollover IRA. However, I soon learned that this transaction was not correct since I needed 'earned income' (equal to or in excess of) and that 'investment income' was not acceptable. I filled out the proper forms with my investment institution to reverse this transaction and received a Form 1099-R and the data has been inputted into Turbo Tax.
I recently completed TurboTax's Income section and I see the reversed funds listed as 'Income', which it is not. How to fix this in TurboTax?
‎January 27, 2025
2:44 PM