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Retirement tax questions
I’m not sure how this is entered in TurboTax, if this was really a Roth IRA it seems like it should be code J1 not just code 1.
You have something like five days to cancel the contribution if you completely change your mind, and I’m not sure you even get a 1099 in that case. If it was more than five days but you never invested the money and it didn’t pay interest, then the contributions should not be taxable. Either the trustee used the wrong code, or you are missing one of the questions in TurboTax. Since I am not familiar with exactly how this is handled in the program, I will ask for a helper.
March 30, 2021
5:54 PM