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Correcting RMD in error
I received a RMD from an inherited IRA for 2020 in error. We were supposed to be able to not take RMDs due to Covid, and the custodian did it correctly for my individual IRA but someone dropped the ball on the inherited IRA. I didn't discover it until day 62, so entry cannot be reversed. Now they tell me to write a check from the account it went to for the exact amount and send it to the account it came from marked "2020 rollover". Is this correct? If so, how will it show on my year end documents and how do I show it on my tax forms?
‎January 19, 2021
11:55 AM