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Retirement tax questions
Unfortunately before IRS Notice 2020-51was issued I had several RMD payments. That IRS Notice waived the 60 day rollover and the once a year rollover rules, so my redeposit of these funds will be treated as rollovers. The Form 1099-R I expect to receive will show the total amount as a normal distribution (Code 7) and IRA box checked. The taxable amount unknown box will be checked. So for tax purposes this is reported as a RMD, albeit one that has been rolled over. Because this is a one time waiver of two rules, I was wondering how TurboTax will handle it.
‎October 2, 2020
9:01 AM