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opgward
New Member

Entering return of entire 2020 RMD from Fidelity IRA in Turbotax

I took my 2020 RMD early  and then asked Fidelity to reverse the RMD in July 2020. 

 

Turbotax asks me how much of the money I actually returned because it thinks Fidelity withheld money for state and local taxes.  On Turbotax, I checked, "I added X to what I received to rollover the entire distribution."

 

Is this the correct choice?  I'm thinking that because the 1099R and form 5498 totals match it must be.

Thanks,

Patrick

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1 Reply
DanaB27
Expert Alumni

Entering return of entire 2020 RMD from Fidelity IRA in Turbotax

Yes, if you added other money to return to the account to cover the taxes withheld then it is the correct choice. 

 

For example, you had a $10,000 distribution and had $1,000 tax withheld. Then you will have the add $1,000 from other funds to get to a $10,000 rollover amount.

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