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Retirement tax questions
@Critter - The OP said: "2019: Turbotax showing $46 as IRA distributions - nontaxable and $5454 as IRA distributions - taxable".
If only $46 was in the account at years end then not all of the $5500 contribution would be tax free but most of it would be. $5,554 would not be taxable. It seems that the 2018 $5,500 contribution was never entered as a non-deductible contribution to offset the majority of the tax.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
‎September 8, 2019
2:57 PM
3,957 Views