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Inherited IRA Paid back line 4b on 1040 still shows taxed.
Recording Form 1099R
I received my RMD on my inherited IRA & under the CARES Act I rolled it over, returning the funds (including tax withholdings) back to my IRA. I completed the Turbotax input showing the full amount taxable as shown on 1099R Box 2a, then marked a later section that there was a full rollover back to the IRA & Turbotax states the amount is not taxable. However, the amount isn't reducing the taxable amount to zero. How should this be handled on the input?
I received my RMD on my inherited IRA & under the CARES Act I rolled it over, returning the funds (including tax withholdings) back to my IRA. I completed the Turbotax input showing the full amount taxable as shown on 1099R Box 2a, then marked a later section that there was a full rollover back to the IRA & Turbotax states the amount is not taxable. However, the amount isn't reducing the taxable amount to zero. How should this be handled on the input?
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‎February 13, 2021
3:17 PM