How do I report an Indirect Rollover from my Joint account that was used to correct an unintended excess RMD amount from my IRA?

[tony4059]

I took $1394 more from my RMD than I intended.  I was told I could undo that excess with an Indirect Rollover in the same amount by an exchange (or sale) from my Joint account (all with same Trustee), which I did.  How to show that action in order to save on my taxes due?

[fanfare]

you must have done this in 2018. What does your 1099-R say ?
sale or exchange back in 2019 ??

[tony4059]

All done in 2018.  1099-R shows only the funds sold off from IRA.  1099-B shows the "Indirect Rollover" as NRET-RET PEX with the name of fund sold and new fund name bought at the same proceeds amount of $1394.00

[macuser_22]

You get a 1099-R for distributions from a retirement account.  You get a 1099-B to report security sales from a non-retirement account.    One has nothing to do with the other.    Securities transactions held within a IRA are not reported outside of the IRA.  It is not clear what the 1099-B is for.

Did you take a cash distribution from the IRA that was more then the RMD and then returned the cash to the same IRA within 60 days?

[fanfare]

presumably you sold something to raise cash and put that cash into your IRA.
then tell turbotax you did something else with the money, namely rolled part of it (1,394) into another or same IRA.

[macuser_22]

Enter the 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.

Say that you did a combination of things and enter the amount rolled back into the top box and leave the bottom box blank

[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.