@fanfare wrote:
TurboTax Online does not calculate the correct taxable amount of a COVID_related distribution from an IRA with basis if the total distribution amount is over $100,000, whether you pay some of it back or not.
The only thing that can be done is to have TurboTax software development fix the problem(s).
Or find another tax software provider that does it correctly.
I see no error. It took a while to understand the 8606 instructions and interactions with the 8915-E form but calculating it the IRS way using the 8606 instructions and 8915-E exactly matched what TurboTax comes up with.
The 8606 instructions example 2 covers this situation and TurboTax is correct. (The $100,000 limit is part of the calculation.)
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
