I put $200,000 into a QLAC this year. I also rolled over $45,000 from my 403b to my Roth IRA. I received a 1099-R showing the a gross distribution of $245,000 (Box 1) and a taxable distribution of $45,000 (Box 2). I filled out the 1099-R form in Turbotax, but when I look at the 1040 tax form it shows $245,000 on line 5a Pension & Annuities and then on line 5b shows $290,000 as my taxable amount. It appears it instead of subtracting the $200,000 that is not taxable they added $45,000. I don't think I am doing anything wrong. It is a Turbotax error?
Note I am to young for RMD to come into play.
Joe