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Retirement tax questions
I took an RMD in January of 2020 and after passage of the Cares Act, I returned the RMD. I received a 1099-R showing the entire amount along with the taxes that were paid (ie: I took $4,000 of which $3,320 was the RMD and an additional $680 to cover the taxes). Form 5498 shows it as a Rollover Contribution.
As I go through the step by step instructions in Turbo Tax, it reads: Your IRA Contribution Isn't Permitted and is considered an excess contribution. The reply below indicates you can indicate that the distribution was not an RMD.
However, where in TurboTax following the step by step instructions can you indicate that the distribution was not an RMD?
‎January 25, 2021
3:12 PM