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Retirement tax questions
Yes, these the are the exact steps/prompts that I followed. At the end there is a screen that states I reported $xxxxx.xxx as a Covid-19 Distribution. And the that I can pay 1/3 of the tax (minus any repayments) or select the box and pay all of the tax this year. I earlier selected to re-pay a portion, I am repaying 1/3 this year. For the 1099R in question (I have 3, only 2 are for the Covid related Distribution), if I enter box 2a correctly- then this page reports the incorrect Covid-19 Distribution and the 1/3 tax amount. If I enter box 2a incorrectly, using the amount from box 1, then when I reach this page these totals are correct. Notes: I have two 1099R’s for the Covid-19 Distribution because Fidelity split the Distribution between Traditional and Toth Contributions. The 1099R that accounts for the Roth contribution portion has different amounts on box 1 and box 2a, because it correctly separates out employer matching funds on the Roth contributions that have been distributed. My guess is that TurboTax is incorrectly using box 2a amount to perform the calculations for the Covid-19 distribution.