@Khaithue47 wrote:
I signed up to auto withdrawing my RMD and transferred to bank account. During year I also withdrawed more than request amount RMD money from my IRA account and thought that should reducted my RMD but when I saw RMD still automatically transfer money full money to bank account, I called my Vanguard to reversed money back to bank account but in form 1099-R 2018 still show full $32749 ( not reducted $14000 rollover back)and until April I received Form 5498 showed $14000 in Box 2. Please advice me how get money tax back in 2019 income tax because I paid over 2500 income tax with cause by form 1099-R 2018. Thanks
@Khaithue47 - If you satisfied the 2018 RMD amount and rolled the excess back as the 1098 seems to indicate, then when you entered the 2018 1099-R did you answer the follow up questions that you rolled part of the money back?
If you did then the 1040 line 4a should have the the total 1099-R box 1 amount and line 4b (the taxable amount) should have the box 1 amount minus the amount rolled back) with the word "ROLLOVER" printed next to it.
If not, then you entered it wrong and need to amend 2018 to report it properly.
Amended returns can only be mailed. It is suggested that it be mailed certified with return receipt (or other tracking service) to verify that the IRS receives it.
See this TurboTax FAQ for detailed amend instructions:
https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed
You can check the status of the amended return here, but allow 3 weeks after mailing.
https://www.irs.gov/filing/wheres-my-amended-return
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Enter a 1099-R here:
Federal Taxes,
Wages & Income
I’ll choose what I work on (if that screen comes up),
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).
OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "1099-R" which will take you to the same place.
Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.
If this was a rollover or conversion, answer the question that you moved the money to another retirement account (can be the same account). The screen will open up with choices of where it was moved.
You would choose that you did a combination if things. Enter the amount rolled over in the top box and leave the bottom box blank.
(Be sure that the RMD amount question answer does not reflect any of the rollover amount or the rollover would not be permitted because a RMD cannot be rolled over by law.)
[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]
It will show as income on the summary screen which shows gross income, not taxable income.
The income will be reported on line 4a on the 1040 form with the word “ROLLOVER” next to it if it was a rollover.
The taxable amount will go on line 4b. In the case of a rollover, that amount will be zero.
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**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.**
