Question

I rolled over the 2020 inherited IRA RMD back to the same IRA, because of the 2020 CARES Act waiver, but TurboTax is counting it as part of my taxable income. How to fix?

Forum|Forum|5 years ago
January 24, 2021
1 reply
0 views

I cannot find within the desktop TurboTax platform where this is addressed and how to correct. What can I do to correct?

TurboTax Deluxe Online

B

Bsch4477

Employee

When reporting your 1099-R say that the distribution was NOT a RMD and then you can report the amount returned to your IRA.

K

kso808Author

I do report that the distribution was not an RMD, but after that, I receive no prompts to tell TurboTax (desktop) that I rolled the RMD back to the same IRA. There's where I'm having trouble. I have uploaded my Form 5498 from my IRA custodian to TurboTax, and that form does list my rollover contribution back to them. Is there anything else I can do, because the taxable income and amount of federal tax owed still shows as the same.

D

dmertz

Employee

Delete the 1099-R from TurboTax and reenter it. Once you've indicated that the distribution was an RMD, TurboTax will continue to treat the distribution as ineligible for rollover even though you change the answer to the RMD question to indicate that it was not an RMD.