Question

2020 CARES Act -- Required Minimum Distribution RMD

Forum|Forum|5 years ago
February 9, 2021
2 replies
0 views

Before the CARES Act allowed deferral of all RMDs in 2020, I received an RMD which I returned within 60 days as permitted by the CARES Act. I have since received the 1099-R showing the distribution (income) in 2020, but nothing to reflect that I immediately rolled over that distribution back to the same retirement fund.

How do I handle that in TT H&B to show I had no use of the funds due to immediately rolling it back in -- per the CARES Act?

TurboTax Home & Biz Windows

macuser_22

Employee

Enter the 1099-R. When the RMD question comes up answer that "None of this distribution was a RMD" because it was not - there were no RMD's. Then indicate that it was all rolled over.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

M

Maurice7

In 2020 did not take the the full amount out for RMD due to relaxation of that requirement in2020.

Turbotax I am subject to a fine. Is that correct?

macuser_22

Employee

@Maurice7 wrote:

In 2020 did not take the the full amount out for RMD due to relaxation of that requirement in2020.

Turbotax I am subject to a fine. Is that correct?

No penalty, just the tax on the distribution that was NOT a RMD. Be sure to answer the RMD question that no RMD required.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**