@fanfare wrote:
@dmertz
I was able to get rid of "Rollover"
I could not say I did not roll any over.
I had to say I rolled some over, and enter zero.
I still get a different taxable amount from the other package which I believe does it correctly. I can see those forms but not the TurboTax forms.
the difference is around $200.
I believe the reason may be the following.
Instructions for Form 8606 state:
"If you have distributions unrelated to qualified disasters, as well as qualified disaster distributions, you will need to multiply the amount on line 15a by a fraction. The numerator of the fraction is your total qualified disaster distributions and the denominator is the amount from Form 8606, line 7."
Some of the packages I tried did not calculate and apply this fraction.
Can you see if TurboTax (Online or download) is doing that?
I can't see the forms so I don't know, but right now I'm inferring it does not.
Thank You.
Using the above figures, my 8606 15a is 164,999. (That is the $165,522 distribution minus $523 of basis).
Per the 8606 line 15 instructions line 15b would be:
164,999 X (100,000 / 165,522) = 99,684. The $99,684 goes on the 8915-R form line 13.
The part that I am having trouble understanding is why the taxable amount for 2020 is the 8606 line 15c ($65,315) and not the 8915-E line 19 (zero) since more than 1/3 was paid back and should not be subject to 2020 tax.?
**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.**
