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Retirement tax questions
By adding your user name here you should see the answer more quickly @mollyjack8478.
1. RMD full distribution in January and returned in August: Delete the 1099-R and re-enter. Answer the RMD question that "None of this distribution was a RMD", because is was not - there was no RMD. Then you should get the screen that allows you to rollover (roll it back).
2. Distribution from IRA rolled into a Roth IRA in December: My suggestion is to add a second 1099R with the same payer information, the second one for the this distribution.
Enter the Conversion from a Traditional IRA to a Roth IRA
- Inside TurboTax, search for 1099-r and select the Jump to link in the search results.
- Answer Yes on the Your 1099-R screen and continue.
- If you land on the Your 1099-R Entries screen, select Add Another 1099-R.
- Select how you want to enter your 1099-R (import or type it in yourself) and follow the instructions.
- Answer No to Did You Inherit the IRA from (payer)?
- Answer I moved the money to another retirement account (or returned it to the same retirement account) on the What Did You Do With The Money From (payer)?
- Next, choose I converted all of this money to a Roth IRA account.
- Continue answering questions until you come to the Your 1099-R Entries screen.
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ā€ˇFebruary 18, 2021
12:44 PM