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Bill W
Returning Member

2020 CARES Act -- Required Minimum Distribution RMD

Before the CARES Act allowed deferral of all RMDs in 2020, I received an RMD which I returned within 60 days as permitted by the CARES Act.  I have since received the 1099-R showing the distribution (income) in 2020, but nothing to reflect that I immediately rolled over that distribution back to the same retirement fund.

 

How do I handle that in TT H&B to show I had no use of the funds due to immediately rolling it back in -- per the CARES Act?

3 Replies
macuser_22
Level 15

2020 CARES Act -- Required Minimum Distribution RMD

Enter the 1099-R.  When the RMD question comes up answer that "None of  this distribution was a RMD" because it was not - there were no RMD's.  Then indicate that it was all rolled over.

**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.**
Maurice7
New Member

2020 CARES Act -- Required Minimum Distribution RMD

In 2020 did not take the the full amount out for RMD due to relaxation of that requirement in2020.

Turbotax I am subject to a fine. Is that correct?

macuser_22
Level 15

2020 CARES Act -- Required Minimum Distribution RMD


@Maurice7 wrote:

In 2020 did not take the the full amount out for RMD due to relaxation of that requirement in2020.

Turbotax I am subject to a fine. Is that correct?


No penalty, just the tax on the distribution that was NOT a RMD.   Be sure to answer the RMD question that no RMD required.

**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.**
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