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My experience is that you must know enough of the tax code to know what is allowed and what isn't. In our case it was my wife partially cashing in a Roth IRA before age 59-1/2. The part she cashed in was less than or equal to her original contribution and therefore Tax Free.
The correct exclusion was indeed in the TurboTax software but buried multiple layers deep in the IRA sections with no quick link. I found the correct form on the IRS web site, queried TurboTax as to where this form is located within the software package, and received detailed instructions on where to find it. Detailed because it was buried deep!
We would have paid a few thousand in excess Tax if I didn't know the transactions was to be tax free and went looking for the proper screens.
2008 9-5 Aero Sedan
2006 9-3SC 2.0T
2000 Viggen Convertible
2000 9-5lpt Sedan, sold at 318K miles
Posts in this Thread:
- Sir Jackie Stewart, cheaptech , Mon, 6 Nov 2017 11:44:48
- I saw him at the Glen in '72., Noel , Sat, 18 Nov 2017 10:58:42
- turbotax for a rental property, AaronG, Tue, 7 Nov 2017 08:33:44
- Turbotax and somewhat unique situations..............., MI-Roger , Fri, 10 Nov 2017 03:37:55 <-- Viewing This Message
- Re: turbotax for a rental property, DE, Tue, 7 Nov 2017 15:33:07
- Opps that should have been a new post not a reply, AaronG, Tue, 7 Nov 2017 08:35:39
- Re: Opps, Tom g , Fri, 17 Nov 2017 16:43:08
- Re: Sir Jackie Stewart, Craig, Mon, 6 Nov 2017 13:23:12
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