I followed instructions found on this forum to the best of my ability for entering an indirect rollover. This is my situation. In December I inadvertently took excess out for my RMD. As soon as I realized my mistake, I called and was told I could do an indirect rollover, which I did. The inssue I'm having is some of the money on the 1099 went to the RMD and some went back into the IRA. I indicated that in Turbo Tax, but when I was reviewing it came up with a 5329-S form, which sounds to me like it is meant to take more taxes out. Can someone please tell me what I've done wrong and how I can fix it.
$14,876.53 was taken out. My required RMD was $8,011.12. The $8,011.12 went to take care of the RMD and the excess $6,817.74 was rolled back into my IRA as an indirect rollover. All of it was taxed, but in order to retrieve the taxes from the $6,817.74, I was told I had to report it on my taxes. I will be really greatful if someone can explain why the form 5329-S is coming up.
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