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Financial Planning / Tax Strategies
|Subject: Re: Inherited Roth IRA distribution||Date: 4/2/2012 3:51 PM|
|Author: TMFPMarti||Number: 115797 of 122622|
It shouldn't care, but it asks anyhow. Even if I try different answers, it doesn't get to the 8606.
I just did a test return in TaxAct, and it accurately added the 8606 and calculated the taxable portion of the distribution (zero) after I input the total of prior conversions (line 24. I just made up a number larger than line 19). No overrides were required. The distribution amount properly flowed to line 19 of the 8606.
I can't believe TT can't handle this, so it must be an input problem somewhere. Check your 1099-R input screen. Box 1 should be the gross amount of the distribution. The "taxable amount not determined" box in Box 2b should be checked. You have already advised that Box 7 is "T." All other numbered boxes should be blank or zero.
I'm not crazy about your proposed workaround since I suspect it's not a software problem, and you're looking at this situation through TY 2014. If TT tech support can't tell you what's wrong, move up the food chain.
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