@fanfare wrote:
@dmertz
1) it asks twice how much did you pay back. how did you answer that?
2) it asks twice about how much of your distribution(different numbers) is COVID related. How did you answer that?
3)make the distribution $165,522 and the amount paid back $43,000
make the IRA value $3,000,000. keep that basis.
select three years.
Then see what happens
I see what you mean, and I have not analyzed it fully, but at first look it seems to be a conflict in the IRS instructions for the 8606 form an 8915-E form - they both say to enter a different amount on the 1040 line 4b.
The 8606 instructions clearly say to enter the line 15b on the 1040 line 4b and the 8915-E say to enter line 19 on the 1040 line 4b. TurboTax seem to be following the IRS 8606 instructions.
I see nothing in any IRS instruction that says to ignore the 8606 and use the 8915-E instead, but I think that is what is intended by the law. (Otherwise paying it back and spreading over 3 years is meaningless).
(I will look at it further tomorrow and put together a case to be submitted as a bug report.)
**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.**
