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When you enter the 1099-R into TurboTax, notice the code in Box
7. The codes for a direct rollover are "G" or "H" (if
a Roth). TurboTax will pick up on this code and your distribution won't
be taxable.
If this was an indirect rollover -- meaning you physically got the check and deposited the funds into another retirement account within 60 days -- then you'll answer TurboTax's question about what you did with the money by checking the box that says you moved the money to another retirement account. That will also result in it not being included in taxable income.
When you enter the 1099-R into TurboTax, notice the code in Box
7. The codes for a direct rollover are "G" or "H" (if
a Roth). TurboTax will pick up on this code and your distribution won't
be taxable.
If this was an indirect rollover -- meaning you physically got the check and deposited the funds into another retirement account within 60 days -- then you'll answer TurboTax's question about what you did with the money by checking the box that says you moved the money to another retirement account. That will also result in it not being included in taxable income.
I took the distribution then found out that I did not have to because of the Covid ruling. I rolled it back into the same IRA. Where do I show that on Turbo-Tax?
The IRS now says that anyone who took an RMD from an IRA or 401(k) plan in 2020 can repay the withdrawn funds – even if the withdrawal was in January. Tax-free rollovers are also now available for 2020 RMDs taken by beneficiaries of inherited IRAs.
When you enter the 1099-R into TurboTax, notice the code in Box 7. The codes for a direct rollover are "G" or "H" (if a Roth). TurboTax will pick up on this code and your distribution won't be taxable.
If this was an indirect rollover -- meaning you physically got the check and deposited the funds into another retirement account within 60 days -- then you'll answer TurboTax's question about what you did with the money by checking the box that says you moved the money to another retirement account. That will also result in it not being included in taxable income.
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