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After you complete the Form 1099-R there are a series of questions. Answer No to the question that this was an RMD and on the question what you did with the distribution select you returned it to another or the same account.
I answered no and it did not give me the option of rollover. To make it more complicated I had taxes withheld (both state and federal). Somehow I need to get that money back
It depends, did the 1099-R show the amount that was withdrawn in Box 1, and a $0 in Box 2a? If you return the money within sixty days of withdrawal, the form should show that with a $0 in Box 2a. If this is not what the form shows, you will need to get a corrected 1099-R.
The federal and state taxes that were withheld will be in Box 4 for the federal and Box 14 for the state. Those figures will be entered with your form and added to your total tax withheld. Any excess after the taxes are completed will be refunded to you.
The IRS has a new Form 8915-E for COVID-19 related retirement account withdrawals. This form has not been finalized by the IRS for filing with a 2020 federal tax return. The IRS has not announced when this form will be available. Once available it will be included in the TurboTax software.
We estimate the form may be available sometime in February.
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