@jwdbond wrote:
This is correct interpretation of the IRS rules, but Turbotax (Mac addition) still shows the amount of the RMD rollover as income. I just entered my 1099-R into Turbotax and now it shows I owe income tax on it. Is this a bug in the software or am I not checking the correct boxes? I tried both ways, calling it a RMD or not an RMD. I added back the amount for tax withholding of my own funds.
For a simple return of a RMD do not say that is was a RMD because the 2020 RMD did not exist. NO 2020 distribution was a RMD.
The CARES act provisions fir the 3 year return of distributions, and the 8915-E form that reports them, has not yet be added to the TurboTax interview because as of now the new 891E for does not yet exist (it only exists in the DRAFT state at the IRS). Until the IRS finishes and publishes the final form and releases the electronic file specifications for that form, TurboTax (and users) can only wait. As of now, there is not even any estimated release date.
You can view the draft form here:
https://www.irs.gov/pub/irs-dft/f8915e--dft.pdf
https://www.irs.gov/pub/irs-dft/i8915e--dft.pdf
Subject to change of course since it is a draft.
(Historical fact - 2-3 years ago a late tax law that changed forms delayed the form release until May - June after the filing date- which caused many affected taxpayers to have to file extensions that gave them until Oct 15 to file.)
**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.**
