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Retirement tax questions
My issue is slightly different: When I requested funds from my IRA, broker transferred funds to my checking account. I then requested broker to return funds to IRA, and then transfer to my Roth. In addition I have regular monthly amounts coming out of IRA going directly to a lender to pay down a mortgage. The 1099-R issued by broker included the funds transferred to my checking, which subsequently went back to original IRA. Thus the 1099-R was overstated by that exact amount. If I import the overstated 1099-R into turbotax, what do I need to do to reduce it by the double-counting? The 5498's I received show the funds going back to account as a contribution, and the other shows it as a conversion to Roth. So 5498's are correct. Turbo tax says "delete the original 1099-R, and create 2 new ones. Can't I keep the overstated one, and then create the 2 new ones?