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How to correct the 8606 which turbotax did incorrectly?
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Retirement tax questions
Just answer the question differently. Since the RMD was not required for 2020, you can say that you did not take it.
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Retirement tax questions
I went back and stated that neither my wife or myself did not take any RMD from our IRAs. It did not do anything to change the tax to be refunded - $5,584.
What do I do next? When I log into TT, I get the message that my Federal (and State) has been rejected. It states that my new refund should be $5,071.
It seems that the our Form 8606s are incorrect. On line 7 they show the total of the RMDs that we 'could' have taken. $22,068 and $31,604 However, we only took about 1/3 of that amount. And those are the amounts that show when I review my IRA, 401(k), Pension Plan Withdrawals (1099-R) . The values are $7,047.32 and $9,005.45.
So who is going to correct 8606 forms? TurboTax who made the mistake or me?
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Retirement tax questions
form 8606 can't "know" what your RMD would have been.
You must have entered those amounts.
Enter the actual amounts of distribution as reported on your 1099-R document(s).
Use the EDIT/UPDATE button to make changes.
Don't file an incorrect tax return.
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It is possible for TT to ' know' my RMD since they know the value of my IRA at the end of 2019 (from previous year filing) and my age. I did not supply this number.
In any case, where do I find the Edit/Update button?
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Well, after spending 2 hours on the phone with a TT rep, it was not resolved. They sent me the desktop version and I was able to resolve it by totally redoing my return. Not overly pleased with TT performance.
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Retirement tax questions
I have found that TurboTax Online has real problems registering your changes when you do EDIT/UPDATE.
you should delete the form, sign out and try again.