The investment company combined a cash distribution which would have been enough for the rmd for 2018. This Transaction was done in early Jan. In Feb the remaining funds were sent directly to another IRA account at a different company. The checks were made out to the other fund.
How do we break down the $1500 cash distribution on which the taxes were withheld from the remaining $36000 which should be a nontaxable amount?
The only code on the 1099R is a 7.
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Please follow the instructions below to enter the 1099-R and the partly rollover:
Please be aware that the whole distribution will show as income in TurboTax on the summary screen which shows gross income, not taxable income. To verify that the entry is correct please look at form 1040 line 4b (taxable amount), only the amount that was not rolled over will show here.
Please follow the instructions below to enter the 1099-R and the partly rollover:
Please be aware that the whole distribution will show as income in TurboTax on the summary screen which shows gross income, not taxable income. To verify that the entry is correct please look at form 1040 line 4b (taxable amount), only the amount that was not rolled over will show here.
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