I took my RMD from an INH-IRA in January of 2020. The CARES Act then came out in response to COVID allowing me to return these funds. I was concerned as to how the taxes already paid on this amount would be recaptured. My tax attorney said that my broker would issue a 1099-R that would show that no income was taken out but would indicate what taxes were withheld. However, I just received my 1099-R from my brokerage account today, and it is showing my gross distribution as well. They said that they will issue a 5498 after the tax season to show the money was put back in. How do I indicate what I have done in TurboTax?
1) This gross distribution shouldn't show up as income for the year 2020.
2) I'm not sure what the 5498 is going to do since I am not (under normal circumstances) allowed to contribute to an INH IRA.
Thanks for any advice.
