dmertz
Level 15

Retirement tax questions


@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

 


If I enter a $165,522 traditional IRA distribution, indicate that the maximum permissible $100,000 was a CRD, indicate (in the only one place where I am asked if any of the CRD was prepaid) that I repaid $43,000, indicate that I had $10,000 of basis from prior years and a $3,000,000 year-end value in traditional IRAs, I see a correct taxable amount of $65,315 in both the online and CD/download versions of TurboTax.  Note that I did not treat any of the repayment instead as a regular 60-day rollover (the deadline for which might have been extended depending on circumstances).  Because of the repayment eliminating the entire taxable amount from Form 8915-E, the taxable amount of $65,315 ends up being entirely the result on Form 8606 line 15c, the taxable amount of the $65,522 that was not CRD.