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jpstultz
New Member

Mr RMD reverse amount that I rolled over to the same account has been flagged by Turbo as a penalty excess IRA contribution. What do I do?

I deleted the Form and started from scratch from the 1099 R.  I had a small amount that could not be reversed according to Vanguard,
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1 Reply
Irene2805
Expert Alumni

Mr RMD reverse amount that I rolled over to the same account has been flagged by Turbo as a penalty excess IRA contribution. What do I do?

To indicate that you returned your required minimum distribution (RMD) to your IRA, please follow these steps in TurboTax Online:

 

  1. Click on Federal > Wages & Income.
  2. Scroll down to the Retirement Plans and Social Security section and click on the Start/Revisit box next to IRA, 4701(k), Pension Plan Withdrawals (1099-R). 
  3. If you've already entered one (or more) 1099-Rs, you will see a screen Your 1099-R Entries.  Click the Edit link next to the 1099-R you wish to review.   
  4. On the screen, Tell us if you moved the money through a rollover or conversion, mark the radio button,  I rolled over some or all of it to an IRA... and click Continue.
  5. A few screens after the 1099-R input screen, you should see a screen, What Did You Do With The Money From 401k institution?  Mark the radio button next to I moved the money to another retirement account (or returned it to the same retirement account).  
  6. On the next screen, Did you rollover all of this $XX (Box 1)...  mark the appropriate radio button and click Continue.  [See screenshot below.]

 

 

@jpstultz

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