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Level 2
posted Feb 18, 2021 7:02:06 AM

2020 Premier seems to be having a problem with inherited IRA. It is reporting the RMD for 2020 as a reduction of the IRA basis from prior years. Anyone seeing this?

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1 Best answer
Level 15
Feb 18, 2021 7:57:40 AM

This problem has been reported but there has been no action on it by Intuit.  It seems that bug fixes this year have a low priority relative to all of the new features for recent tax code changes that have not yet been implemented for 2020, so there is no way to predict when any fix will be available.  Unfortunately, there is no workaround.  The only option to file now would be to use overrides in the CD/download version of TurboTax and print and mail your tax return; overrides prevent e-filing.

2 Replies
Level 15
Feb 18, 2021 7:57:40 AM

This problem has been reported but there has been no action on it by Intuit.  It seems that bug fixes this year have a low priority relative to all of the new features for recent tax code changes that have not yet been implemented for 2020, so there is no way to predict when any fix will be available.  Unfortunately, there is no workaround.  The only option to file now would be to use overrides in the CD/download version of TurboTax and print and mail your tax return; overrides prevent e-filing.

Level 2
Feb 18, 2021 8:42:20 AM

Thank you for the help.  I'll play this out until they reach their final forms available dates and see if the fix is made.