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2020 RMD rolled over within 60 days, but rollover completed in 2021. How do I report?

Forum|Forum|5 years ago
February 10, 2021
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Hello, I received my 2020 RMD automatically in mid-December, before I could stop it. I managed to redeposit the money in the original IRA within the allowed 60 days, but not until January 2021. Thus, my 2020 1099-R indicates the full amount is taxable. Financial institution will not issue another 1099-R with a 2021 rollover (reasonable, but not helpful). My question: How do I report this on my 2020 tax forms? Normally, I would report the full amount on 1040 line 5a, report $0 on line 5b, and write "rollover" on the line. I'm trying to shift from paper returns to TurboTax this year and don't know how to do this in the software. If there are other reporting requirements I'm missing, please let me know. Thanks.

Best answer by Bsch4477

First delete any 1099-R you started. Then start again and report the 1099-R just as it was issued. The key now is to answer the question about the distribution being a RMD “NO”. Then you will be prompted to report the amount rolled over.

B

Bsch4477Answer

Employee

First delete any 1099-R you started. Then start again and report the 1099-R just as it was issued. The key now is to answer the question about the distribution being a RMD “NO”. Then you will be prompted to report the amount rolled over.