- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
@butimnotachef wrote:so to clarify you are referring to in the Deductions section where it asks about contributions to Roth/Traditional IRA where would put in this information about how much was contributed in prior years? I had assumed (incorrectly it seems) that this information would somehow be carried over from previous tax (as the 6% penalty amount got carried over without any action).
That's an alternative place to add this information. Normally it's carried over from your previous year's tax file, but it seem that that's not the case if TurboTax is showing tax and penalty on the distribution this code J 2020 Form 1099-R.
Check Form 1040 line 4b to see if this income is truly being included as taxable and Schedule 2 line 6 to see if a 10% penalty is being included. If either of these are present, TurboTax does not have the correct basis information.