Question

Rollback of RMD under Cares Act

Forum|Forum|5 years ago
February 22, 2021
1 reply
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$4289.00 was taken from my IRA as an RMD and reported on a 1099R. Federal and state taxes were withheld from the $4289.00. I rolled the entire $4289.00 back into the same IRA account within 30 days as permitted by CARES, and received a 5498 showing the rollback of $4289.00. When I enter this information and show that it was not an RMD as directed, I eventually get to the screen that asks how much of the distribution was rolled over. I enter the same amount, $4289. But then get the following message "Oops! The amount you moved to another account must total no more than the amount J...got or $4289.00." But the amounts are the the same $4289.00. I have tried deleting the entire 1099R entry in TurboTax and starting over. But I always get the same result. Is this a bug in the program?

ColeenD3

Did you actually delete the whole form and redo it. I just went through it and it worked for me.

Here's the general procedure for viewing the forms list and deleting unwanted forms, schedules, and worksheets in TurboTax Online:

Open or continue your return in TurboTax.
In the left menu, select Tax Tools and then Tools.
In the pop-up window Tool Center, choose Delete a form.
Select Delete next to the form/schedule/worksheet in the list and follow the instructions.

S

SwagtahAuthor

I reentered form 1099 R and the program tells me that the RMD is not taxable since I checked it was not an RMD and I did not add the tax back in that was withheld. Nevertheless, on Form 1040, no IRA distribution is shown on line 4a but line 4b shows the amount rolledback into the IRA as taxable. In addition my wife had a small RMD from an inherited IRA that was not rolled back into her account since the amount was minimal is not shown on line 4A nor included on line 4b.

Thank you.