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Brokers show all IRA distributions for 2020, including any that were returned. Turbo treats the return as a "contribution. Can that software error be fixed?
"Excess distributions" result in a 6% tax penalty, so the error can be costly. Also, IRA distributions in excess or RMDs, converted to Roth accounts, are not to be subject to this treatment, but Turbo fails to recognize this is a legit conversion.
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‎February 25, 2021
3:07 PM