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jpstultz
New Member

I reversed the RMD contribution and rolled it back to the same account. Turbo tell me it is not permitted and I owe a penalty. What Have I done wrong?

HELP!
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2 Replies

I reversed the RMD contribution and rolled it back to the same account. Turbo tell me it is not permitted and I owe a penalty. What Have I done wrong?

You probably said you took the RMD.    There was no RMD so you must answer that "None of this distribution was a RMD" or "RMD not required", depending on the question, then yiu will get the screen to rollover.

 

Repeating the interview will not work - delete the 1099-R and re-enter to reset everything.

**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.**
jpstultz
New Member

I reversed the RMD contribution and rolled it back to the same account. Turbo tell me it is not permitted and I owe a penalty. What Have I done wrong?

I tried deleting the 1099-R and reentering with no RMD boxs checked.  This did not solve the problem.

 

The only way i solved the problem was to delete all entries and start over from scratch.  

I entered the 1099-R entries and answered all question exactly the same way there were before total deletion.

 

That worked.  There is a program or system error in the 2020 version of TurboTax that required this extreme action.  Of course, my original error in saying that part of 1 1099-R was RMD, but that was MANY iterations    ago.Just glad I found a way.

 

Thanks to all who helped.

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