- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
I see that someone listed a set of steps below - but my experience is different. I will list what I had to do. I am using the Deluxe Version on a PC that I loaded off the disk.
The first three steps are the same:
- Click Federal Taxes > Wages & Income > I'll choose what I work on
- Scroll down to the Retirement Plans and Social Security section and click on the Start/Revisit box next to IRA, 4701(k), Pension Plan Withdrawals (1099-R).
- If you've already entered one (or more) 1099-Rs, you will see a screen Your 1099-R Entries. Click on the Edit link next to the 1099-R you wish to review.
But this is where things are very different:
- I get a screen that asks:
Did <first name> Inherit the IRA from <Account Holder>
Answer with a YES or NO: In my case the answer is NO - Here is where the steps differ from below - as I get a screen that asks:
About the Retirement Account
<Account Holder>
(long sentence about the RMD) and then
Was this withdrawal an RMD for 2020?
(sentence explaining about the cares act)
Answer with a YES or NO: This is where I first answered YES and the program never gave my credit for my "Rollover back to my IRS" nor did it credit the Federal TAX I sent in. When I answered NO and then went through all the other steps/questions I got full credit for my rollover and the tax I paid showed up as a REFUND - Next question deals with: Transfer to Charity? In my case it was a NO
- Next screen asks:
What did You Do With the Money From <Account Holder>?
In this case you want to indicate you rolled it over:
<first name> moved the money to another retirement account (or returned it to the same retirement account)
There is a second question about what you did with the money
Choose which of these applies: In my case I replied with ...
<first name> rolled over all of this money - You should then get an information screen telling you:
You will not have to pay tax on your <states the amount of money> rollover from <Account Holder> - There is one more screen that follows: Asking if you deposed the <federal tax amount> in addition to the <remainder of the distribution> and you need to answer yes or no.
In my case I returned all of it including the taxes. - The program then cycles back to the page showing all your 1099-Rs.
Hope this helps and I am not sure why my experience was different from Irene2805 - but it worked
‎February 4, 2021
3:28 PM