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cperla98
January 28, 2021
Question

Rolled into a Roth

  • January 28, 2021
  • 1 reply
  • 0 views

Since the Cares Act didn't require an RMD I took my distribution plus some additional money and put it into a Roth IRA. In TurboTax for 2020 it is asking me if I took an RMD. Do I answer Yess or No. I am paying taxes on the withdrawals.

    1 reply

    CatinaT1
    CatinaT1
    January 29, 2021

    You would answer No.

     

    RMDs were waived for 2020 and you must indicate to TurboTax that none of the distribution was RMD. If you already enter the 1099-R as RMD and changing your answer to the RMD question doesn't work then you might have to delete and renter the 1099-R form. 

     

     

    Please follow these steps to enter your 1099-R:

    1. Login to your TurboTax Account 
    2. Click on the Search box on the top and type “1099-R”
    3. Click on “Jump to 1099-R”
    4. Continue until "How much was a RMD?" and select "none"
    5. Continue "Tell us if you moved the money through a rollover or conversion" and select "I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)"
    6. Continue answering the questions.
    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
    SteamTrain
    SteamTrain
    Employee
    January 29, 2021

    @CatinaT1 

     

    Actually, at your step 5.    when using the Online software....there is a separate selection available for:

    "I converted some or all of it to a ROTH IRA"

     

    Not sure whether the Desktop software uses the same flow or not.

     

     

    ____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
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