In 2020 there was an option for repayment of retirement accounts. To post this you would
- enter your 1099-R
- then indicate that you moved the money to another retirement account (or returned it to the same account),
- that you rolled over the distribution and that you rolled over the entire distribution.
TurboTax will include the gross amount on Form 1040 line 4a or 5a but will exclude the entire amount from the taxable amount on line 4b or 5b and will include the word ROLLOVER next to the line.
The CARES Act enabled any taxpayer with an RMD due in 2020 from a defined-contribution retirement plan, including a 401 (k) or 403 (b) plan, or an IRA, to skip those RMDs this year.
This includes anyone who turned age 70 1/2 in 2019 and would have had to take the first RMD by April 1, 2020. This waiver does not apply to defined-benefit plans.
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