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86general
May 10, 2021
Question

CARES act RMD question Turbotax

  • May 10, 2021
  • 1 reply
  • 0 views

I received an RMD for an inherited IRA, which I later re-invested in the account. Turbotax seems to still be reporting this as taxable income on my return. What am I doing wrong and how do I correct this? 

    1 reply

    D
    DavidD66
    May 11, 2021

    After you enter(ed) the 1099-R, there is a page that asks "What Did You Do With The Money From [Retirement Plan]"? See Screen Shot below.

    Be sure you indicate that you "rolled over all of this money to an IRA or other retirement account (or returned it to the same account).

    Answering these questions correctly will result in your distribution showing up as non-taxable.

     

     

    What Did You Do With The Money

     

     

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