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Retirement tax questions
Thanks. I reviewed additional PA Dept of Revenue docs and one part says that if under 59.5 have to report it on cost recovery basis.
IMPORTANT: If you retired, but did not reach age 591/2, you must
report your distributions on a cost recovery basis until you reach age 591/2.
So, the question is, if I mark it as distribution code for rollover, none of the distribution is taxable. If I choose the code 'traditional or roth IRA: under age 59.5', which is what turbotax marks it as, I have to go through the process for the cost recovery basis.
Based on the above, what would be the proper coding?
Thanks again
March 31, 2021
8:28 AM