I withdrew $12,500 form a traditional IRA and replaced it within 60 days, as required. The brokerage told me that there would be no tax consequence for this action. The Form 1099-R submitted to the IRS shows $12,500 withdrawn. They provided a Form 5498 showing the return as a rollover. When I enter the Form 1099-R info into TurboTax it increases my tax burden by $3,125. TurboTax tells me I can't enter Form 5498 data. How do I get TurboTax to calculate the tax correctly?
