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New Member
posted Feb 4, 2021 11:34:18 AM

I have a 1099R for a Required Minimum Distribution. Do I input it where the other 1099Rs go or where the RMD goes?

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8 Replies
Expert Alumni
Feb 4, 2021 11:53:01 AM

Yes, you will post the 1099R for your RMD in the same place as the other 1099R's.  The difference is that as you go through the interview it will ask if this was an RMD, and a different set of questions will emerge.

  • Login to your TurboTax Account 
  • Click "Work on other tax breaks"
  • Click "Federal" from the left side of your screen
  • Click "Wages & Income" on the top
  • Scroll down and click "Start or Edit/Add" next to "IRA, 401(k), Pension Plan Withdrawals (1099-R)" 
  • Answer "Yes" to the question "Did You Have Any of These Types of Income?"
  • Click "I'll Type it Myself"
  • Choose "Form 1099-R, Withdrawal of Money from 401(k) Retirement Plans, Pensions, IRAs, etc."
  • Click "Continue"
  • From here TurboTax will walk you through entering your Form 1099-R

New Member
Feb 7, 2021 9:31:03 AM

Thanks so much.  It was exactly as you said.  

Expert Alumni
Feb 7, 2021 9:58:29 AM

Yes.  Once you get through the1099R input screens, you will be asked the RMD questions.  Through the Cares Act, the RMD requirement was waived for 2020.  If you took a distribution and ultimately returned it to your IRA, enter "None" on the RMD distribution screen to indicate you rolled your distribution back into your IRA account.

New Member
Feb 7, 2021 11:08:38 AM

Since the RMD was waived, why is the question even there for 2020?  We did take funds from retirement that were going to count towards RMD but after RMD was waived we decided not to repay it.  However, it is no longer considered RMD - right?  It's just income.

Expert Alumni
Feb 7, 2021 11:24:43 AM

You are correct.  Required minimum distributions are calculated based on the previous year 12/31 account balance and the distribution factor based on your age from the life expectancy tables.  If you do not withdrawal your RMD annually, there are some pretty hefty penalties.  For 2020, those RMD rules were waived so no penalty for not taking RMD and you could roll it back into your IRA.  

 

So for the RMD question in TurboTax , if you answer "None "  the income will flow to your return as ordinary income.

Returning Member
Feb 7, 2021 11:39:53 AM

Yes this does solve the problem but....if you look at the "IRA Information Worksheet" line 20 shows the amount you rolled over but it says "the rollover was (or will be) made after 12/31/2020"  This is incorrect as the rollover under the CARES Act needed to be done by August 2020.  TT needs to adjust this regulation change to properly report it.

 

Expert Alumni
Feb 7, 2021 12:05:12 PM

I understand your concern.  Fortunately, the worksheets are not submitted to the IRS and are for your tax records but the comment is duly noted.  Possibly a new worksheet that deals specifically with the RMD rollover back to the IRA.

Returning Member
Feb 7, 2021 12:15:31 PM

Thanks for the reply...it just seems to add to the confusion about this subject when you see the worksheet.  Glad it doesn't get submitted to the IRS