How do I put into the basic tax program an inherited Roth that was not held 5 years. I believe it is taxable but the program with the new update today states it is not taxable. which is it and how do I file it.
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Give us some details. What is in Boxes 1, 2 and 7 of the 1099-R? What is the Basis of the Roth IRA?
In box 7 there is a "J" and it is for $10,000 with nothing in the taxable box but taxable not determined is checked. Client received this from her parent who died but the ROTH was only 4 years old.
also do not know the basis of the roth?
Interesting. You are right, it seems like the program is doing it wrong now. It SHOULD be treating the Roth distribution as taxable to the extent the distribution is in excess of Basis.
Maybe @Orlando could report this error to the proper person.
But that leads me to the second point, you NEED to know the Basis. The entire amount is not taxable; the distribution is only taxable to the extent it is larger than the Basis.
Asking.. stay tuned
Did you fix this problem of the ROTH in the basic program becuase the pro series regular program calulates it correctly as taxable.
Really? That seems REALLY weird. They both use the same programming, so I can't figure out why Professional and Basis could end up with different results.
I agree so I am waiting for orlando to hopefully get the answer. Also are you having any problem downloading 1099B for stock. None of my clients can download to my basic program
I don't download stock transactions; it seems quicker and easier to do it manually. So I don't know if Basic has a glitch with that.
Orlando, in case whoever is working on this needs to know, there are MORE problems with IRAs.
A Traditional IRA shows up as completely non-taxable if you add ANY Basis (even $1 Basis will make the entire distribution non-taxable). I confirmed that.
Another user said a Traditional IRA is showing up as non-taxable with NO Basis. However, I was not able to replicate that one.
@SDJayhawk reported this to the team.. I need her to interpret the response
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