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pfcowiejr
New Member

How to override 1099-R when RMD has been redeposited?

 
3 Replies
DanaB27
Expert Alumni

How to override 1099-R when RMD has been redeposited?

Please follow these steps to enter your 1099-R and RMD rollover:

  1. Login to your TurboTax Account 
  2. Click on the Search box on the top and type “1099-R”
  3. Click on “Jump to 1099-R” and enter your 1099-R
  4. Continue until "How much was a RMD?" and select "none"
  5. Continue "Tell us if you moved the money through a rollover or conversion" and select "I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)"
  6. Continue answering the questions.

 

RMDs were waived for 2020. You must indicate to TurboTax that none of the distribution was RMD. If you already enter the 1099-R as RMD and changing your answer to the RMD question doesn't work then you have to delete and renter the 1099-R form. 

 

 

You can verify your entry by looking at your Form 1040 line 4 or 5:

  1. Click on "Tax Tools" in the left menu
  2. Click "Tools"
  3. Click "View Tax Summary" in the Tool Center window
  4. Click on "Preview my 1040" on the left
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jayheim61
New Member

How to override 1099-R when RMD has been redeposited?

Still confused about how to fill out 1099-R when the RMD was redeposited.   Do I fill out the amount for the 1099-R or do I enter 0.  I find the answers here very confusing.  What I currently did was enter the amount and put 0 for taxable income and then said it was not an RMD

macuser_22
Level 15

How to override 1099-R when RMD has been redeposited?


@jayheim61 wrote:

Still confused about how to fill out 1099-R when the RMD was redeposited.   Do I fill out the amount for the 1099-R or do I enter 0.  I find the answers here very confusing.  What I currently did was enter the amount and put 0 for taxable income and then said it was not an RMD


Enter the 1099-R exactally as it is.

 

Delete the 1099-R you entered and re-enter.

Answer the RMD question that "None of this distribution was a RMD" or "RMD not required" depending on the TurboTax version - because it was NOT a RMD, there were no 2020 RMD's.

If this is an inherited IRA then answer the "Is this IRA inherited" with NO. The purpose of that question is to PREVENT rolling an inherited IRA over, but is allowed for 2020 only.

Then you will get the screen to say it was "moved" and all rolled over.

Also check the box that this was NOT a COVID related distributions - it was a RMD that was returned.

That will put the 1099-R box 1 amount on the 1040 form line 4a with the word ROLLOVER next to it.



**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.**
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