dmertz
Level 15

Retirement tax questions

Disregard what I said about kiddie tax.  Your daughter's unearned income (which includes the taxable gains on the code JP 2022 Form 1099-R) doesn't seem to be enough to trigger that, otherwise her tax return would include Form 8615 to calculate the tax using information from your own tax return.

 

The numbers you listed all look correct.  You'll also see $20 on Form 5329 line 1.

 

For 2022:

Q1.  It doesn't really matter how you answer this question.  If you answer Yes, the text on the next page TurboTax reminds you that the basis in Roth IRA contributions does not include any contributions already distributed.

Q2.  In this case 2022 TurboTax should already know that the basis is $2,602 carried in from 2021.  Just make sure that 2022 TurboTax shows that.

Q3.  Correct.  The excess from prior years was resolved with the 2021 tax return.  2022 TurboTax should already know this from the transfer in of the 2021 tax file to begin the 2022 tax return.

 

I like to support animal shelters.