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Retirement tax questions
In July 2020 I instructed my finance person at Charles Schwab
to calculate my RMD for 2020 and take the necessary amount out of my IRA Rollover (this was before the government waived the taking out of the RMD for 2020). When my finance person found out about the waiver he advised me to deposit the money that was taken out back into the IRA Rollover, which he did on July 7, 2020. I have the form 1099-R stating that I have taken the RMD money out of my IRA but now I won't get Form 5498 until May which will show that I made the deposit of the RMD back into my IRA in July.
How do I handle this situation on the Turbo Tax Form?
Please advise as soon as possible. Thank you.
‎February 17, 2021
11:31 AM