topic Retiree Simple IRA Withdrawal in Retirement tax questions

Retiree Simple IRA Withdrawal

Robert5977 — Sat, 26 Feb 2022 17:54:42 GMT

Hi, In 2021, I made a few distributions from a Vanguard simple IRA, totaling $72k. In December, I reversed one distribution transaction, in the amount of $12K. The 1099-R shows $72k distribution instead of $60k. So, in TurboTax, I created a new 1099-R. On the Vanguard form, the taxable portion of the distribution was blank, so I left it blank on the new form within TurboTax. However, TurboTax never asked for info needed to determine the taxable portion of my distribution and is reporting a taxable distribution of 60k instead of 60k minus basis. How do I get TurboTax to ask for info needed to calculate the taxable part of the distributions? Thanks.

Re: Retiree Simple IRA Withdrawal

VolvoGirl — Sat, 26 Feb 2022 17:58:55 GMT

No. Just enter the one 1099R for 72,000. Delete the other one. After you enter the 1099R it will ask what you did with it. You pick you rolled it over to another account even if you put it back in the same account. Then it will ask how much you put back. Just keep going through all the screens slowly.

Re: Retiree Simple IRA Withdrawal

Robert5977 — Sat, 26 Feb 2022 18:02:32 GMT

Thank you, Miss VolvoGirl!