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?
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.
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?
@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.