I have an inherited IRA minimum distribution in the amount of $2650. If $530 has already been taken out of that amount for taxes, shouldn't only $ 2120 be added to my income by Turbotax instead of $2650? Also, where in Turbotax can I find that $530 has been added to my deductions & credits? Hope that wasn't a dumb question.
No, the full amount of the distribution before taxes are withheld is the amount that is included in your income. Similar to when an employer pays you $1,000 and withholds $250 in income tax, you get $750 but the income that you report on your tax return is $1,000. You won't see the $530 in your deductions or credits. It will be reported on Form 1040, page 2 Line 25b - Payments, Form(s) 1099. There may be additional amounts on that line if you had more than one 1099-R with tax withheld.
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