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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?
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Business & farm
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.
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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?
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Business & farm
@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.