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Retirement tax questions
Same problem here. I have a basis on my personal IRA that is apparently being used to reduce the taxable amount of my inherited IRA which has no basis. This results in an erroneous reduction in my income. As a result my return is rejected by the IRS when I efile. Since the program is making an error, I believe all of us with this problem are entitled to a refund from TurboTax for the cost of the program and any efiling charges. Perhaps if enough of us demand a refund, it might encourage a rapid fix of the problem, but if not, we can make the corrections described above (setting personal IRA basis to 0), print the forms, then change the personal IRA basis back to the correct number and reprint Form 8606 to actually mail in with the return.
‎February 27, 2021
6:06 AM