That is correct. Under the Cares Act, the RMD requirements were waved for 2020. You will need to delete your 1099R and re-enter it. After you have logged in and are in your return in TurboTax Online:
- Go to Search at the top of the screen.
- then enter Form 1099-R in the search box.
- You will see a Jump To function that will take you to the 1099-R input screens.
- There delete the 1099R in question by clicking on the trash can next to the form
- Then add a new 1099R and manually enter your 1099R.
At the financial services screens, click "Change how I enter my form" then "Type it myself"
You must indicate to TurboTax that none of the distribution was RMD. If you already enter the 1099-R as RMD and changing your answer to the RMD question doesn't work then you have to delete and re-enter the 1099-R form.
You can verify your entry by looking at your Form 1040 line 4 or 5:
- Click on "Tax Tools" in the left menu
- Click "Tools"
- Click "View Tax Summary" in the Tool Center window
- Click on "Preview my 1040" on the left
The pandemic has affected your taxes in many ways. Including reporting in TurboTax the amount of stimulus money you received. Click Here for more information on how the Pandemic affected your 2020 taxes.
