I need to know how to deal with the 1099-R that I received from my Thrift Savings Account in TurboTax. I repaid all the money back but the form only indicates what I took out?
) Q. I received a 1099-R that reported the RMD I received in 2020. But I repaid (or rolled over) the RMD before the deadline established by the CARES Act. Will I receive a corrected 1099-R to show that I repaid it?
Answer: No. If you received a required minimum distribution (RMD) from your TSP account in 2020, we must report the income and send you a Form 1099-R even if you rolled the money back into your account or into another retirement account under the terms of the CARES Act. You may have already received the 1099-R. You should not expect a “corrected” 1099-R. Remember that not all reported income is taxable income. If you received an RMD that was eligible for rollover in 2020 and you repaid it or rolled it over by the deadline, then it’s not taxable income. Please consult the IRS or a tax adviser for instructions and additional information on tax filing.
