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Retirement tax questions
Thank you for the response. I'm still having issues. I actually did withdraw significantly more than my RMD. I'll use round numbers just to simplify the example. I withdrew my regular amounts monthly, and one lump sum of $29,000, totaling $51,000 for the year. It turned out that I did not need the $29,000 that I withdrew, so inside of 60 days I put that money back. This shows up as a rollover in Box 2 on my Form 5498. My 1099-R shows the $51,000 in boxes 1 and 2a. It also has box 2b checked (Taxable amount not determined). It shows $2,290 in box 4 (Fed tax withheld), and it shows distribution code of 7 (Normal Distribution) in box 7. My RMD for this account is $14,800. So, I went back into TurboTax and re-entered all this information, this time selecting "Some of this distribution applied to the December 31, 2024 RMD, and I entered the amount applicable to my 2024 RMD again. The rest of the questions remained the same and I still was not asked about a rollover.
Here is more information, but I'm not sure if it is relevant. I inherited this IRA from my spouse in 2023 and rolled the entire amount ($41,000) over to my IRA in 2023. This was reflected in my 2023 Tax Return.