Solved
TurboTax Question Regarding A Roth Withdrawal
Under Federal Taxes/Deductions & Credits/Traditional and Roth IRA Contributions, TurboTax is asking "Withdraw from Your Roth IRA Before 2016?" In my case the answer to this is "Yes." However, I am not certain this is what TurboTax is looking for.
Allow me to explain. During calendar year 2015 I withdrew from my Roth IRA an excess contribution for TY 2014. This resulted in a taxable distribution that was accounted for on my 2015 tax return. As such, TurboTax should already be aware of this since it is shown on supporting worksheets for my 2015 tax return; namely "Form 1099-R Summary" and "Distributions from Pensions, IRAs, etc." Therefore my question is thus, does TurboTax need to be remind of this transaction by answering "Yes" to the question or should I assume that TurboTax is already aware of this event and answer "No?" If I should answer No (as I suspect), why is TurboTax asking the question in the first place?
Allow me to explain. During calendar year 2015 I withdrew from my Roth IRA an excess contribution for TY 2014. This resulted in a taxable distribution that was accounted for on my 2015 tax return. As such, TurboTax should already be aware of this since it is shown on supporting worksheets for my 2015 tax return; namely "Form 1099-R Summary" and "Distributions from Pensions, IRAs, etc." Therefore my question is thus, does TurboTax need to be remind of this transaction by answering "Yes" to the question or should I assume that TurboTax is already aware of this event and answer "No?" If I should answer No (as I suspect), why is TurboTax asking the question in the first place?
