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Turbotax and somewhat unique situations............... Posted by MI-Roger [Email] (#882) [Profile/Gallery] (more from MI-Roger) on Fri, 10 Nov 2017 03:37:55 In Reply to: turbotax for a rental property, AaronG, Tue, 7 Nov 2017 08:33:44 Members do not see ads below this line. - Help Keep This Site Online - Signup |
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.
_______________________________________ Saabs owned: 2008 9-5 Aero Sedan, sold at 227K miles 2006 9-3SC 2.0T - Wife's daily driver 2000 Viggen Convertible - Sold May, 2022 1964 Quantum IV Formula Car - Retirement project 2000 9-5lpt Sedan, sold at 318K miles
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