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Retirement tax questions
Even after the latest update, TurboTax Home/Bus does not calculate 1040 Line 4b correctly if there are two IRA COVID distributions to report. TT Support is aware. Until TurboTax creates a software fix or other workaround for this error, and to maintain an accurate "Federal Tax Due" result, a temporary bandaid may be to include the second IRA distribution as "Other Common Income" in the 1099-MISC income section. Not sure how IRS will like that one if a TurboTax correction is not available before April 15!
March 12, 2021
7:09 AM