Hello,
Please advise for the following :
I have sent a copy of my return to TT Diagnostics. Token number is 1159640.
For 2022, we have one RMD for spouse only for the amount of $4738 from Wells Fargo for an Inherited IRA from my fathers death. On 1040 Line 4b - Amount is overstated by $21,894. The correct amount should be $4738. We did not have any other IRA distributions for 2022. Where is $21,894 amount coming from?
Please help me correct.
Thank you!
In addition for 2021, we did Roth conversion. Sent a copy of 2021 token number is 1159641.
Thank you!
Roth conversions are made in a particular year, not for a particular year. If a distribution from a traditional IRA in 2022 is converted to Roth, the conversion is includible on your 2022 tax return, not on your 2021 tax return.
With Forms 1099-R entered correctly, TurboTax will calculate the correct amount to be shown on Form 1040 line 4b. The Traditional IRA Distributions section of TurboTax's Form 1099-R Summary will show the calculation of the amount on line 4b. If you have made nondeductible traditional IRA contributions, examine the IRS Information Worksheet to see that your basis in these contributions is properly reflected in TurboTax and Form 8606 to see the calculation of taxable amounts of distributions.
Assuming that you have done no overrides, with $21,894 being shown on line 4b you must have entered Forms 1099-R totaling at least that amount.
We here in the TurboTax Community cannot see the diagnostic copies that you sent. The ability to send a diagnostic copy of your tax return is intended to be used when a TurboTax support agent asks you to send a diagnostic copy.
Roth conversion was done in 2021 and is included in 2021 return.
Only one Inherited IRA distribution from Wells Fargo 1099R for 2022 which I have included. No other 1099R IRA distributions were made in 2022 in the total amount of $21,894. And I made no overrides. Also made nondeductible traditional IRA contributions. How do I exclude the $21, 894?
Did you have any other 1099R forms? Like for a pension or annuity or life ins, etc? It may have got on line 4 instead of line 5. I would delete that IRA RMD 1099R and see if there still is an amount on line 4. How much is on line 4a?
I have no other 1099R. Nor do i have any pensions or annuities.
I have deleted the Wells Fargo 1099R. I still show $21,894 on line 4b.
How can I override the $21,894 to exclude from 1040?
Click on Forms. When in Forms mode open the Form 1040. Click on Line 4b. Click on the magnifying glass. Follow the same procedure on the next form(s) to locate where this amount is located on your worksheets. Delete the amount on the worksheet.
Return to the interview section of the program and re-enter the Form 1099-R that you received.
To enter, edit or delete a form 1099-R -
Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Retirement Plans and Social Security
On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button