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Why doesn't TurboTax recalculate the taxes owed due to 1099-R Minimum Required Distribution after entering the amount of roll back as reported on Form 5498?
I rolled back my Required Minimum Distribution and after entering my 1099-R taxable amount, Turbotax asks if I rolled the distribution back into my IRA. After answering that I did roll back the entire distribution Turbotax erroneously fails to recalculate the taxes owed. If I force the recalculation by entering 0 into line of 2a on the 1099-R, the amount of taxes owed drops substantially.
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‎February 8, 2021
6:52 AM