Just enter the information from the 1099-R in TurboTax and in the screens that follow you can indicate that you returned the RMD. Form 5498 is just for your information and isn't entered in your return.
To indicate that you returned your required minimum distribution (RMD) to your IRA, please follow these steps:
TurboTax Online
- Click on Federal > Wages & Income.
- Scroll down to the Retirement Plans and Social Security section and click on the Start/Revisit box next to IRA, 4701(k), Pension Plan Withdrawals (1099-R).
- If you've already entered one (or more) 1099-Rs, you will see a screen Your 1099-R Entries. Click the Edit link next to the 1099-R you wish to review.
- On the screen, Tell us if you moved the money through a rollover or conversion, mark the radio button, I rolled over some or all of it to an IRA... and click Continue.
- A few screens after the 1099-R input screen, you should see a screen, What Did You Do With The Money From 401k institution? Mark the radio button next to I moved the money to another retirement account (or returned it to the same retirement account).
- On the next screen, Did you rollover the gross amount of $XX (Box 1)... mark the appropriate radio button and click Continue.
TurboTax CD/Download
- Click Federal Taxes > Wages & Income > I'll choose what I work on
- Scroll down to the Retirement Plans and Social Security section and click on the Start/Revisit box next to IRA, 4701(k), Pension Plan Withdrawals (1099-R).
- If you've already entered one (or more) 1099-Rs, you will see a screen Your 1099-R Entries. Click on the Edit link next to the 1099-R you wish to review.
- A few screens after the 1099-R input screen, you should see a screen, What Did You Do With The Money From this Payer?
- Mark the radio button next to moved the money to another retirement account (or returned it to the same retirement account.
- In the next section, mark the radio button next to the appropriate selection [moved it all or did a combination…]
- If you selected combination, a box will appear to enter the amount you rolled over or converted. Click Continue.
- Continue through the rest of the interview.
@kck1
