Question

My entire RMD was put back into my IRA, however I am still getting taxed for it. Why?

Forum|Forum|5 years ago
February 1, 2021
1 reply
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TurboTax Premier Online

Employee

First delete the 1099-R form that you completed and start again. This time answer NO to the question “Is this an RMD.” Now you will be asked if any amount was returned.

B

BernieHStreet

How does that work if Federal and State taxes were withheld at time of distribution?

macuser_22

Employee

The tax withholding will be applied to your 2020 tax return to increase your refund so you will get it back. If you want to roll back the entire amount of the 1099-R box 1 then you must use other funds to replace the tax.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**