In 2020 I withdrew $20,500 from my traditional IRA and $3,500 from my Roth IRA. Turbo Tax calculates $19,000 is taxable when the amount is $20,500. How do I correct?

_login · ‎March 28, 2021

How do i correct a math error in turbotax? It calculated an amount that is less than it should be for the taxable part of my IRA.

DavidD66 · ‎March 28, 2021

Can you clarify something: Is it possible that your traditional IRA has had after tax (non-deductible) contributions in the past? This would make a percentage of your IRA distribution non-taxable. If you did have non-deductible contributions, they should have been reported on Form 8606.

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ThomasM125 · ‎April 6, 2021

If the taxable amount listed in box 2 on your form 1099-R is $19,000 that would explain the taxable amount. Otherwise, you must have had some non-deductible contributions that are not taxable when you withdraw them. Also, you may have incorrectly indicated that some of the distributions were rolled over to another IRA account.

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In 2020 I withdrew $20,500 from my traditional IRA and $3,500 from my Roth IRA. Turbo Tax calculates $19,000 is taxable when the amount is $20,500. How do I correct?