Retirement tax questions
@MikeInFL wrote:Do I need to file any supporting schedules with the return? What kind of record keeping is required?
The 663(b) election statement is generated automatically by TurboTax Business (see screenshot below).
With respect to record keeping, you might want to retain any financial statements that show a withdrawal, the date and amount of that withdrawal, and the payment to the beneficiary (whether by check, electronic transfer, etc.).
