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How do I get a double RMD reduced to avoid paying tax on the double amount? It was returned to the IRA as a rollover.

By mistake I requested a double RMD from my IRA. It could not be reversed, but the same day the excess was rolled over back to my IRA. How do I correct the double RMD reported on 1099-R?

Intuit Alumni

Retirement tax questions

To enter the information from your 1099-R in TurboTax, and indicate that you rolled over part of the distribution, please follow these steps:

  1. Click on Federal Taxes > Wages & Income  [In TT Home & Biz:  Personal > Personal Income].
  2. Scroll down to the Retirement Plans and Social Security section and click on the Start/Revisit box next to IRA, 4701(k), Pension Plan Withdrawals (1099-R).  [See Screenshot #1, below.]
  3. If you've already entered one (or more) 1099-Rs, you will see a screen Your1099-R Entries.  Click on the link Add Another 1099-R.   [Screenshot #2]
  4. If you haven't already entered a 1099-R, you will see the screen, Your1099-R. Click Yes and then Continue.
  5. You can either import your 1099-R or click on the I'll type it in myself box[Screenshot #3]
  6. A few screens after the 1099-R entry screen you will see a screen, What Did You Do With The Money From This Payer?  
  • Mark the button [You] moved the money to another retirement account (or returned it to the same retirement account).  [Screenshot #4]
  • In the Choose which of the following applies section, select that you did a combination of rolling over, converting, or cashing out the money.
  • In the next section that appears (Tell us how much…)  enter the amount you returned back to the account in the box - Amount rolled over to another (or back to the same) retirement account.

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