@nolanwittrock wrote:
@DoninGA
Why would it not decrease the taxable amount of the distribution? If you have repaid your distribution, you would owe zero tax. So changing that option, for example, should make a huge difference in the taxable amount. Maybe I am not understanding your comment.
The amount on 1040 Schedule 2 line 6 is $95. Not sure where that is coming from.
That is the code 1 10% penalty.
Are you saying that you received a 2020 distribution and returned the entire amount in 2020 to the same account?
If that is the case then it is NOT a COVID related distribution requiring the 8915-E form, it is a simple rollover.
Delete the 1099-R and re-enter then answer the "What did you do with the money question" with you moved the money to another (or same) account.
Then the 1040 line 4 or 5 (depending of it is an IRA or not) will have a zero taxable amount and the word ROLLOVER next to it.
**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.**
