My IRA 1099 shows a gross distribution of $60k and a Taxable amount of $60k and if these details are entered into TurboTax I get taxed on the $60k. $50k was put back into the IRA within 30 days leaving $10k which I will be taxed on. These figure can be calculated from the 5498 form.
So how can I enter the data into TurboTax such that it shows that I took a $10k distribution?
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Since you did a manual rollover, you will have to enter the amount in TurboTax yourself. Here's how:
This should resolve your issue.
Since you did a manual rollover, you will have to enter the amount in TurboTax yourself. Here's how:
This should resolve your issue.
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