Credit for Retirement Savings Contributions

[2taxing]

TURBO Questions: 1) Have you had any distributions from retirement plan after 2017 and before the due date of your 2020 return?  YES;  next screen asks to: 2) Enter distributions YOU received from retirement plans after 2017 and before the due date of the 2020 tax return?   Do they want distributions that were taxable and spent or ONLY distributions that may or may not have been taxable but were NOT cashed/spent and merely moved within or between retirement plans leaving the overall retirement money amount intact for future use.  (the question #2 and the LEARN MORE information were confusing on what really is expected to in the ENTRIES for distribution amounts from 2018 thru 2020)  All for purposes of figuring out if i am eligible for the CREDIT for the first time ever!!!  I dont get it!  Please explain so understandable....

[KrisD15]

Cashed out and taxable.  

According to the IRS:

“Don’t include any of the following.

• Distributions not taxable as the result of a rollover or a trustee-totrustee transfer.

• Distributions that are taxable as the result of an in-plan rollover to your designated Roth account.

• Distributions from your eligible retirement plan (other than a Roth IRA) rolled over or converted to your Roth IRA.

• Loans from a qualified employer plan treated as a distribution.

• Distributions of excess contributions or deferrals (and income allocable to such contributions or deferrals).

• Distributions of contributions made to an IRA during a tax year and returned (with any income allocable to such contributions) on or before the due date (including extensions) for that tax year.

• Distributions of dividends paid on stock held by an employee stock ownership plan under section 404(k).

• Distributions from a military retirement plan (other than the federal TSP).

• Distributions from an inherited IRA by a nonspousal beneficiary.

IRS Source

[Hal_Al]

Cashed out, whether taxable or not.  The most common example: if your withdrew only contributions  from your Roth IRA, that would be a disqualifying distribution, even though it wasn't taxable. 

[2taxing]

5/6/21-WORST year EVER to complete my turbo taxes!!!        This contribution credit i find invasion when the only contribution in 2020 to qualified plan is to my Roth 401K and less than 1K and a conversion to my Roth IRA which i entered into this tax year already for 2020.  Now you all are asking for previous years distributions that i previously reported on tax returns with the proper 1099R forms some of which were direct rollover, conversion to Roth IRA and just distribution i used for my use.  Why do i need to provide already submitted tax info to the government historical distribution just to determine if i get some measely tax credit for this 2020 year or NOT.  I just really need to SPEAK with someone so i can get my **bleep** taxes done for 2020!!!!  Very Frustrated right now and for what good reason....?

[2taxing]

i reviewed the 8880 form you attached and need to know where in the 2020 tax return via Turbo do i enter the ROTH IRA CONTRIBUTION amount that was a direct electronic amount from my checking account?  As i understand a Contribution to a Roth IRA is after tax ( electronic from bank acct  direct into the Roth IRA) and a conversion  from my  Traditional IRA is also taxed and i will pay in my 2020 year that the conversion occurred as documented on the 1099R document.    NOTE :  Tubo already captured my ROTH 401K contribution from my employer w-2 sent to me and i entered into turbo

[2taxing]

I reviewed the 8880 form (line 1) you attached and need to know where in the 2020 tax return via Turbo do i enter the ROTH IRA CONTRIBUTION amount that was a direct electronic amount from my checking account?  As I understand a CONTRIBUTION to a Roth IRA is after tax (electronic from bank acct direct into the Roth IRA) and a CONVERSION from my Traditional IRA is also taxed  and i will pay in my 2020 year that the conversion occurred as documented on the 1099R document.   NOTE:  Tubo already captured my ROTH 401k contribution from my employer w-2 sent to me and I entered into Turbo.

[2taxing]

Well now i find this answer confusing to the previous....I did NOT take any ROTH IRA distribution to begin with...I did a TRADTIONAL IRA conversion to my ROTH IRA and also an electronic CONTRIBUTION to my ROTH IRA in 2020.  Back to the original question on 3/9/21  address line 1, 2, 4 on form 8880 for please and what and where to capture each of those questions within TURBO TAX.  Please review my explanations what i have done in 2020 from notes i have submitted in Turbo and provide appropriate answers .  Thanks

[Hal_Al]

This is a user to user forum. You're unlikely to be noticed by a TT support person tagging on to an old thread.

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