turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

baazhr
New Member

How to get turbo tax to account for return of RMD under CARES act?

I initially took my RMDs from both My IRA and an inherited IRA. I'm noticing that turbo tax is not reflecting the returned distribution from the inherited IRA but is reflecting the return of distribution of the regular IRA? I've already re entered and confirmed all information several times and despite this it continues to reflect several thousand dollars of additional taxable income based on an RMD that was returned.  Pleas help!
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
MinhT1
Employee Tax Expert

How to get turbo tax to account for return of RMD under CARES act?

The RMD that you repaid are considered as rollovers to the same account and is not taxed.

 

Enter your form 1099-R for the inherited IRA normally. After entering your form 1099-R, click Continue until you reach the screen Tell us if you moved the money through a rollover or conversion. Check the radio button which corresponds to your situation then click Continue and follow the interview. Enter the amount repaid as a rollover and it will be excluded from taxation. You will still have the credit for taxes withheld.

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

How to get turbo tax to account for return of RMD under CARES act?

however you entered the one that worked, that's what you should do for the other one.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question