I took a distribution and returned it within the 60 days to qualify for not incurring a tax penalty. This is a classic case. Yet there is no place to enter this information within TurboTax Deluxe.
My IRA provider Schwab, filled out the 1099-R including this distribution as Gross Distribution and Taxable Amount. Was that a mistake? Should I just subtract out the amount that was returned within the 60 Days, from the Taxable Amount, with the Form 5498 as back-up but not filed?
Or should I put the amount that I paid back in as a contribution that would properly null out the amount distributed. But in the IRA Contributions section, TurboTax specifically states to NOT use this section for rollovers.
So, how do I get this amount distributed to be subtracted from my taxable income within TurboTax?
