I turned 72 in 2022. At the beginning of 2022 I had two retirements accounts 1) 401K with Fidelity and 2) A traditional IRA with Vanguard. In 2022, I initiated a RMD of $10K from the Vanguard IRA and have a 1099-R form. Also in 2022, I initiated the transfer of the 401K funds to the Vanguard IRA. Before Fidelity would transfer the funds they took an RMD of $76K for which I have a 1099-R form.. I also have a $82K basis for non-deductible contributions. The final balance as of 12/31/2022 in the Vanguard IRA is $2M (original IRA plus 401K Fidelity funds). I enter all this info into TurboTax Premier and follow the prompts. In an effort to see how the tax forms got filled out and to make sure I was getting credit for the non-deductible contributions I looked at form 8606-T and was surprised to see that line 7 (total RMDs) only had the $10K amount and did not include the $76K. Shouldn't Line 7 be $86K? How do I get TurboTax to record this properly. Could this be a bug in TurboTax, if so how do I proceed getting this resolved?
No, the RMD distribution from your 401(k) Fidelity won't be listed on line 7 of Form 8606. Line 7 lists distributions from traditional, SEP, and SIMPLE IRAs in 2022.
Please see line 7 instructions for additional information.
No, the RMD distribution from your 401(k) Fidelity won't be listed on line 7 of Form 8606. Line 7 lists distributions from traditional, SEP, and SIMPLE IRAs in 2022.
Please see line 7 instructions for additional information.