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Retirement tax questions
Moving on, I did cancel the unauthorized IRA and moved dollars back to conventional saving but the provider of the IRA, in this case a bank, submitted a 1099 R to the IRS and to me with a box 7 code of 7. Doing my 2019 taxes on turbo tax , it is seeing the cancellation as un-taxed with draw from a an IRA and applying appropriate tax. The IRA was not used in 2018 to reduce the tax burden so it is money that has already been taxed. How do I communicate this information to the IRS,
‎February 17, 2020
10:53 AM