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Returning Member
posted Feb 8, 2021 7:22:29 PM

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?

0 3 1064
3 Replies
Level 15
Feb 8, 2021 7:27:28 PM

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.

New Member
Feb 26, 2021 12:06:25 PM

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?

Level 15
Feb 26, 2021 12:26:13 PM


@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.