@emorris812 wrote:
Part of your answer, "Indicate that you moved the money to another retirement account (or returned it to the same account), then indicate how much of the distribution you returned to the IRA."
When I entered my 1099-R information in Turbo Tax and I indicated that this was not a RMD, I was not provided with a question by the tax software about where I moved the money to. In my case, I simply put back into the Inherited IRA account from where it came back in January 2020. I did this on August 21, 2020.
Any ideas of why I don't get this important question. Since I can't seem to find it, it shows up as taxable income.
If there is a code 4 in box 7 (that means inherited) and TurboTax asks the additional question,"Was this inherited" answer NO. That question is for prior years when rollover of inherited IRA's was prohibited and prevents the rollover. For 2020, that question does not apply. Only some versions of TurboTax still ask that question that should not be there.
**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.**
