I got this after my tax was rejected. I don't even have a taxable inherited IRA. What am I supposed to do now? Is there a way to check if I've made any mistake in preparation to inadvertently include taxable inherited IRA? I don't want to wait because I have an underpayment penalty. The longer I wait the more interest is accrued.
Let's take a look at your return
This sounds like the exact problem I'm having. I got this same error today. I also do not have an inherited IRA, and I do have an underpayment penalty so I don't want to wait until March 5 because the amount I owe will increase each day.
It's pretty frustrating that we had to wait 3 weeks for the Form 2210 Underpayment penalty issue to be resolved so we could e-file, now we have to wait for this problem as well.
There is presently a bug in TurboTax that is causing erroneous calculations on Form 8606 Part I if the tax return includes a distribution from an inherited IRA. From just the information in your e-filing, it's probably not possible to determine if the tax return includes a distribution from an inherited IRA (not all of the information in your tax file is present in the actual e-filing), so I suspect that this rejection will be occurring for anyone whose tax return includes Form 8606 until the bug is fixed.
The reject message could be more informative.
So it means anyone who's done a backdoor Roth IRA contribution will be affected by this bug?
I've got the same problem. Any response from turbotax?
Good grief, turbotax gets worse every year. I used to really like them, now they're trying my patience.
My return was rejected with this error. I don't have an inherited IRA, but I did do backdoor roth.
I did a backdoor contribution this year as well and my return got rejected.
When will we know this bug has been fixed and it is safe to submit the return again? Has anyone reached out to TurboTax support?
I too just had my tax return rejected just now because of this. I don't have an inherited IRA. I did do a backdoor Roth conversion as mentioned here by others. I also got the March 5 calculation verification message in TurboTax as well. Hopefully they find the bug and inform us when it's fixed so we can submit our returns.
Just want to chime in that I too got a rejected return with this error from a backdoor roth rather than an inherited IRA. And like most of you I need to get my filing done because I owe and don't want to pay any additional penalty! Grrr.
same issue here, back door IRA and got rejected. It sucks paid additional for e-file state as well, just to found that "kidding...bugs prevent you e-file"
I do not have an inherited IRA, so I have to assume this is a software bug that Intuit/TurboTax is working on.
Same. My IRA isn't inherited but I did do a backdoor roth. So irritating. Apparently we can't efile again so now will have to file by mail once Turbotax fixes the issue.
Wait, what's this about not being able to efile now? Turbotax made it look like as soon as they get the forms corrected we can resubmit online. I am NOT interested in filing by mail.
I've received this same rejection.
I do not have an inherited IRA.
I did not do a backdoor Roth.
I went back thru the process again, confirmed I did not check my IRA as "inherited." Resubmitted after all the error checking and TT said I was good to go.
Rejected again.
TT suggested filing a paper return, No! I've already paid to e-file my State return and it is being rejected as well.
TT clearly doesn't care. We wait on them finally getting the 2210 done and now we have to wait again as they expect to be done with a review by 3/5/2021!
Does anyone at TT care???
I got the same issue. It's really frustrated! I have to pay penalty, and I don't want to wait until March 5th.
The customer support line is very busy, no body responds me after I've been waiting more than 30 mints over the phone.
same issue here , did chat with one of the CPAs online - they think I am missing a box that i didnt fill, but it doesnt look like it is the case - I reviewed everything and things look ok at least to me.
please update guys if anyone finds a solution , I have a backdoor roth as well and no inherited IRA.
I also received the dreaded "potential issue with the Calculation of your Taxable Inherited IRA" message. I only had a distribution from a tradition IRA that is not inherited....nothing else... and still Turbotax screwed it up. It is so frustrating. I called the help line, but they were not helpful at all other than to admit my forms were filled out correctly. She suggested that I refile immediately; however, I responded that I thought it would be prudent to wait until Turbotax fixes the software.
Same here - backdoor Roths. TurboTax has had SOOO many glitches this year. I used to love them, but they have made this process anything but easy this year. TurboTax, please reply letting us know when the glitch will be fixed. The 1800 number is not very helpful.
I got exactly same issue. NO inherited IRA but DID backdoor Roth IRA!! Got so many issues with Turbotax this year. REALLY FRUSTRATED....
So I just got off the phone with someone from TurboTax about my own return with this issue. A few things I thought I'd share:
If you currently owe money and had set up the IRS payment through TurboTax, they will not make that payment until you re-file and the return is accepted.
We will still be able to e-file and are not going to have to mail in paper returns (someone on a related thread had said such. Not true).
We will also not be charged a second time to re-file as long as we don't do anything stupid that starts the process over (additional charges is more misinformation I've seen in these threads).
They seem to be aware of the form issue (as indicated by the March 5th form update mentioned online), but the agent told me it may be prudent to wait an extra day (until the 6th) to make sure you are using the new software and nothing is cached (for those of us using the online system).
Same issue here. I am considering going to a different tax product even after using turbotax for over 20 years. Intuit needs to make sure their product works before selling to customers!!
@wa0jpy123 Unfortunately, me too. I love their "explain why" feature and how it is done like an interview, but the glitches this year are out of control. If they don't have it fixed close to the date they mentioned, 03/05/21, I might just re-file it all with another product (wow, that sounds fun). Does anyone know if that will mess anything up? From what I have read, it is "rejected" by TurboTax, not the government, so I wouldn't think it should mess up...
We got the same rejected message. Thanks for this explanation. We will wait until next week to try again.
Having the same issue: