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Level 1

Question

IRA ROLLOVER

Forum|Forum|5 years ago
January 20, 2021
2 replies
2 views

i used "guide me" and answered the question that YES I rolled over the IRA distribution that I had previously taken.

I rec'd the message that my distribution would NOT be taxable.

However, it did go onto my form 8606 and is showing a taxable portion on my 1040.

What entry do I have to make, so that is is NOT taxable?

Alumni - Champ

Was this originally taken as a RMD and you are 70 1/12 or older?

If yes, then delete the 1099-R and re-enter. Check the box that says, "None of this distribution was a RMD" (there were no RMD's in 2020). Then the rollover should work.

If not, post back with what happens.

**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.**

Level 15

When you are asked if distribution is a RMD answer “No”. Then say all was rolled over.