@rtmtmac wrote:
I did a RMD in March 2020, but rolled it back pursuant to the CARES Act. I got the 1099 - R and Form 5498. I followed your instructions for handling this situation in TurboTax, but I believe it results in an unintentional problem. While the net effect is zero for taxation of the distribution and subsequent rollback, the distribution still inflates the amount of taxable Social Security benefits. As such, I wind up with a higher taxable income than I should. Accordingly, I have elected to not input my 1099-R and plan to file manually with a copy of the 1099-R and Form 5498. Any suggestions on how to handle?
A 5498 is information and does not get filed.
I suggest deleting the 1099-R and re-enter as above saying that is was NOT a RMD. If there is no taxable amount on the 1040 line 4b then it CANNOT add to your AGI, therefore cannot have any effect on the taxable social security that is based on AGI.
**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.**
