Retirement tax questions

Thank you I reworked it in your manner and it appears to be correct.  I will sleep like a baby.  You did a good job.

 

Mike  

 

 

 

@Tasteseekers if you note the date on the above post it is February 2020, so the discussion is abut 2019 tax returns that had nothing to do with the 2021 rules for filing 2020 tax returns.

 

For 2020:

 

Delete the 1099-R you entered and re-enter.

Answer the RMD question that "None of this distribution was a RMD" or "RMD not required" depending on the TurboTax version - because it was NOT a RMD, there were no 2020 RMD's.

If this is an inherited IRA then answer the "Is this IRA inherited" with NO. The purpose of that question is to PREVENT rolling an inherited IRA over, but is allowed for 2020 only.

Then you will get the screen to say it was "moved" and all rolled over. Or if a part was rolled over choose a "combination for things" and enter the part rolled over in the top box.

Also check the box that this was NOT a COVID related distributions - it was a RMD that was returned.

That will put the 1099-R box 1 amount on the 1040 form line 4a with the word ROLLOVER next to it.



**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility