in Education
I took out $24,100 in distributions from my regular IRA. Within 60 days, I redeposited $3,000 into the same IRA.
It seems to me that the "NET" taxable IRA distribution should be $21,100. In the entries in TurboTax I answered YES that some or all of the amount was rolled over into the same account. The worksheet shows the entry for $3,000. Yet, on my 1040, the amount continues to show the full distribution 0f $24,100. WHY is there not an adjustment for the rollover?
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Does it have $24,100 on both Lines 4a and 4b? Line 4a is the total amount. Line 4b is taxable.
The only way I could arrive at the "right" result that you show, I had to go back and check "No, none of this this withdrawal was form RMD (This is not common)" To have the parenthetical 'this is not common" will lead to a lot of confusion. The whole implication for the parentheses is: Don't use this box unless absolutely sure!
The whole issue centers around this CARES ACT and its effect on RMD. Is there not a simple, simple explanation of how to handle this issue?
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