Retirement tax questions


@Nordron36 wrote:

I made a 60-Rollover back to my IRA in 2020. It is not shown on the IRA 1099R but is shown on Form 5498 which TurboTax does not accept.  Should I edit the 1099R to include the rollover? Or insist on a new 1099R that shows it?


1099-R's only show distributions.   *You* must tell TurboTax that it was rolled over so it will be entered on the 1040 form line 4 as a rollover.  There is noting on a 1099-R that indicates a rollover.

 

If it is not on the 1040 line 4 with the word "ROLLOVER" next to it then:

 

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.

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 for the accuracy of any information in this post.**