I have a complicated situation. I have an inherited IRA in funds that closed so I needed to roll it over. I attempted to get the brokerage to send a check to new new IRA brokerage and to roll it over into that account . Instead the brokerage sent me a check and I deposited that check into the new IRA account within 60 days.
Unfortunately, the brokerage that sent me the money withheld federal taxes. I went to a CPA and he told me that only the fed tax withheld amount is taxable since I rolled over the other amount into an IRA within 60 days.
The CPA said that I should fill out the 1099 in turbotax exactly as the document I received and find an entry that allows me to enter the dollar amount that was rolled over and the dollar amount that wasn't. Example: net distribution was $300,000 and they withheld $50,000 and sent me a check for $250,000. I want to report that I rolled over $250,000 and should only be taxed on the $50,000 amount. How do I make that entry into TurboTax? I thank you for your help.
