I rolled over 3 retirement accounts into 1 place. Turbotax initially calculated tax correctly when I entered the first rollover, but after adding the 2nd and 3rd accounts it changed the tax to my first entry. Here is what happened and my entries:
1. Roth IRA Code J. Amount 2900. I did an indirect rollover. I pocketed 1900, and opened an account and put the remaining 1000 into the new Roth IRA. I indicated that I did contribute the 1000 to a new account in the software. TurboTax calculated the early withdrawal penalty of 190 correctly.
2. I rolled a Roth 401k into a the same Roth IRA. This was a direct rollover with box 7 code H. As soon as I enter this 1099R, it removes the penalty from entry 1. On preview the 1040 the IRA is coded 100% as rollover.
3. I rolled a Traditional 401k into a Traditional IRA. This was a direct rollover with box 7 code G.
I need to know what change is needed to ensure that the 10% penalty on the 1900 I pocketed gets re-calculated back into the return.
