2004taxfile1
Level 1
03-21-2021
08:41 PM
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thank you for your advise!
I entered a 1099-R from Wages and Income section > IRA, 401(k), Pension Plan Withdrawals (1099-R) > Add another 1099-R for my 2020 excess Roth IRA contribution.
Enter $7677 in box 1 as Gross distribution;
Entered $677 in box 2a for taxable amount,
For box 2b: Checked box for Total distribution is checked.
Select P as distribution code. Entered State and State No.
Did not enter or select anything else. Finished.
After this is done, Federal Tax estimate increases about $1000, but taxable amt is only $677,
Not sure what I did wrong? Please help, thank you!
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