topic IRA in Retirement tax questions

IRA

BKinman — Mon, 02 Mar 2020 16:14:50 GMT

I withdrew funds from both my Traditional and Roth IRA. I received a 1099-R for both redraws that I have entered. After entering, I was asked several questions I could not answer and skipped over then. When I did an error check on my Federal return they did not pop up. Does this mean they were not required fields?

Re: IRA

LinaJ2020 — Mon, 02 Mar 2020 16:33:08 GMT

It is possible that they are not required for your situation. They could be irrelevant and the program still asks just to cover all the possibilities. As long as these questions do not show up again in the smart or error check, you should be okay.

Re: IRA

macuser_22 — Mon, 02 Mar 2020 16:36:06 GMT

What does the error say?

Go back through the interview - what are the questions?

Some questions must be answered.

Re: IRA

dmertz — Mon, 02 Mar 2020 17:33:16 GMT

Distributions from a traditional IRA can never be reported on the same Form 1099-R as distributions from a Roth IRA. If you received multiple distributions that are totaled on a single Form 1099-R, either the distributions were all made from the same account, traditional or Roth, or you have multiple Forms 1099-R printed on a single sheet and each of these Forms 1099-R must be entered separately.

All of the questions TurboTax asks must be answered accurately, otherwise the assumptions made by TurboTax could result in an inaccurate tax return even if TurboTax does not flag any errors.