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exp626
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Inherited IRA Paid back line 4b on 1040 still shows taxed.

Recording Form 1099R

I received my RMD on my inherited IRA & under the CARES Act I rolled it over, returning the funds (including tax withholdings) back to my IRA.  I completed the Turbotax input showing the full amount taxable as shown on 1099R Box 2a, then marked a later section that there was a full rollover back to the IRA & Turbotax states the amount is not taxable. However, the amount isn't reducing the taxable amount to zero.  How should this be handled on the input?
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Inherited IRA Paid back line 4b on 1040 still shows taxed.

Delete the 1099-R and re-enter.    Answer the RMD question that "None of this distribution was a RMD" .   Select that yu moved the  money, then select that the entire amount was rolled over.  If there was box 4 withholding it will ask if you replaced that  money with other fined.

 

The 1040 line 4a should have the box 1 amount and 4b should be zero with the word ROLLOVER next to it.

**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.**

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