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Retirement tax questions
Wow! Thanks so much for reading my question!!
Not sure what you meant by "Are you able to assist ..." but I will certainly be happy to help if I can. Several years ago I actually helped someone with SC taxes but that was it.
Back to this: I am thinking ahead to 2020 so I don't have the 2020 form. I have plenty of 1099-R and 5498 forms so I feel I can guess what they will say. 1099-R will report in box 1 that I withdrew a certain amount (including the $7,000) and will report that is all taxable in box 2a. I am guessing about Form 5498 but it should say that I 'returned' $7,000.
I fired up Turbotax 2019 which is the latest version. I realize it is not 2020. I made a fake return will all the information I have or anticipate and could not find anyplace to enter the minus $7,000 or Form 5478. I tried telling Turbotax that I contributed $7,000 and it went berserk. It not only won't reduce my taxable withdrawals as it should, it wants me to may 6% of the $7,000 until it is all withdrawn. Bummer.