Federal 2010: Basis in IRA - Miscellaneous Itemized Deductions
Certain customers, who itemized and had miscellaneous itemized deductions over the 2% threshold, may have an incorrect tax return.
TurboTax has fixed this issue.
How to tell if you are impacted:
You may be affected if ALL of the following are true:
- You filed a tax return before March 10, 2011, AND
- You or your spouse withdraws or rolls over to Roth the entire balance in all of you IRAs such that you have $0 in any IRA, AND
- You enter zero for the value of all of your IRA’s in the name of that taxpayer(s) on 12/31/10, AND
- You made a non-deductible contribution to a 2010 IRA AFTER December 31, 2010, AND
- You had miscellaneous itemized deductions in excess of the 2% threshold
If you are affected, you may have underpaid your federal tax. You will need to amend your federal tax return.
If you need to contact us, please use the phone number in the email from TurboTax and tell the representative you’re calling about the Federal: Miscellaneous Itemized Deductions Basis in IRA.