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breninocmustang
Returning Member

2020 rollover of like kind questions

I took RMD from IRA in early 2021 for 2020 distribution and returned same like kind shares before the deadline. The shares had lost value by the time I rolled them back over. Where do I enter the information in Turbo Tax and do I need a code ? the form 5498 does not show a code

3 Replies
Critter-3
Level 15

2020 rollover of like kind questions

Not sure what  you did ... there was no RMD  requirement in 2020  and if there was it had to be taken in 2020.   You cannot take a 2020 RMD in 2021 and you certainly cannot put it back in 2021.   Look at the form 5498 for 2020 ... does it show a distribution was made ?  

 

Talk to the broker ... did you really take a 2021 RMD ?   If so you will get a 1099-R for the distribution in Jan 2022 and an RMD cannot be returned to any IRA account.  

breninocmustang
Returning Member

2020 rollover of like kind questions

If I put 2021 in the question it was a mistake . I moved stock equal to amount nesessary to meet my required distribution from IRA to individual account in January. When the IRS ( for the second time )  changed the law to allow people taking or moving IRA RMD as in my case  in January  2020 until August to return same shares ( like kind) back to IRA. I did this on June 29, 2020

Critter-3
Level 15

2020 rollover of like kind questions

Ok ... that makes more sense ... so you got a 1099-R showing the distribution that was then replaced with the same  stock you took originally ...   then you will just enter the 1099-R in the 2020 interview and indicate (1) it was NOT an RMD since they were not required and then (2) indicate you rolled the entire distribution into the same IRA.  This will correctly report the distribution to match the 1099-R but it will be a non taxable roll. 

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