Retirement tax questions

Since TurboTax is not giving you the correct results when you enter the information from the 1099-Q, you can enter the amounts from your financial records that reflect the actual amount of the non-qualified deduction and penalty.

 

It is not compulsory to enter the 1099-Q. Just keep the 1099-Q and the financial records that you used to prepare your return.  If your overrides are preventing you from efiling, you can completely remove the 1099-Q entry and add you own figures to get the correct amount of taxes that you owe.

 

There is actually NO reason to enter the 1099 Q into TurboTax unless 1- you don't know if you have taxable income and you need help from the program to figure it out or 2 - you have taxable income to report.  (the form itself even tells you this in the second sentence of instructions for recipient).