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Retirement tax questions
Both my wife and I received RDM's for 2020 from USAA at the beginning of the year. In June 2020 Charles Schwab took over our IRAs. I returned the total distribution to Charles Schwab in July since the IRS allowed RMDs to be returned. Since I paid the taxes at time of distribution I thought perhaps I should move the funds to a Roth. In so doing I received another 1099R. So now I have two 1099Rs as does my wife. One from USAA and the other from Schwab. How and where do I indicate the initial funds were returned, however, to Schwab since they now handle the IRAs? It seems like I am getting taxed twice for the RMDs in Turbo Tax.
Don
May 8, 2021
6:37 PM