I have made two attempt to resolve the issue with customer support. Entry of an amount as rolled over under the Cares Act (data entry box checked) as a re-contribution equal to the amount entered as income on the 1099R does not produce Form 1040 lines 4a and 4b entry as required by the Form 1040 Instructions (page 25 Form 1040 Instructions. TurboTax prints 0 on line 4a and the entire amount on line 4b and no printed description. The correct amounts should be the 1099R distribution amount on line 4a, zero on line 4b and "Rollover" printed next to line 4b. This issue was discussed with a Turbo Tax support reps 2/5/2021 and 2/24/21 who stated that this is a recognized issue (current bug) and that it should be fixed "within a couple of days". As of the current date 3/1/21 there has been no fix released and the issue has become worse. Now the input screen to designate that the amount was recontributed is no longer available, the software reverts to the menu listing the 1099Rs for Edit/Delete. Has anyone had a similar experience or know when a fix will be completed and released?
@aarons42 wrote:
I have made two attempt to resolve the issue with customer support. Entry of an amount as rolled over under the Cares Act (data entry box checked) as a re-contribution equal to the amount entered as income on the 1099R does not produce Form 1040 lines 4a and 4b entry as required by the Form 1040 Instructions (page 25 Form 1040 Instructions. TurboTax prints 0 on line 4a and the entire amount on line 4b and no printed description. The correct amounts should be the 1099R distribution amount on line 4a, zero on line 4b and "Rollover" printed next to line 4b. This issue was discussed with a Turbo Tax support reps 2/5/2021 and 2/24/21 who stated that this is a recognized issue (current bug) and that it should be fixed "within a couple of days". As of the current date 3/1/21 there has been no fix released and the issue has become worse. Now the input screen to designate that the amount was recontributed is no longer available, the software reverts to the menu listing the 1099Rs for Edit/Delete. Has anyone had a similar experience or know when a fix will be completed and released?
Is this a RMD you rolled over or another type of distribution that was COVID related because of hardship?
I know of no bugs in doing an indirect rollover.
Those are entered very differently.
If you get the RMD question you must say that "None of this distribution was a RMD", or "RMD not required" or the rollover screen will be blocked. That is not a bug because RMD rollovers are not normally permitted.
This is an amount recontributed in 2020 prior to the August 31, 2020 deadline as allowed under the Cares Act to same IRA for 100% of RMD previously distributed in 2020. There is no Covid related hardship.
@aarons42 wrote:
This is an amount recontributed in 2020 prior to the August 31, 2020 deadline as allowed under the Cares Act to same IRA for 100% of RMD previously distributed in 2020. There is no Covid related hardship.
If you get the RMD question you must say that "None of this distribution was a RMD", or "RMD not required" or the rollover screen will be blocked. That is not a bug because RMD rollovers are not normally permitted.
"RMD not required" was checked and further input is blocked. In any case it does not make sense that Form 1040 Box 4a = 0 and 4b = the 1099R taxable amount.
That will not take affect unless the 1099-R is deleted and re-entered to reset the prior answer.