I took an IRA RMD in January 2020 and then repaid this in July 2020. The distribution was reported on my 1099R. Where do I report the rollover deduction so I don't include this amount on my 1040?
Please follow these steps to enter your 1099-R and RMD rollover:
- Login to your TurboTax Account
- Click on the Search box on the top and type “1099-R”
- Click on “Jump to 1099-R”
- Continue until "How much was a RMD?" and select "none"
- Continue "Tell us if you moved the money through a rollover or conversion" and select "I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)"
- Continue answering the questions.
You must indicate to TurboTax that none of the distribution was RMD. If you already enter the 1099-R as RMD and changing your answer to the RMD question doesn't work then you have to delete and renter the 1099-R form.
You can verify your entry by looking at your Form 1040 line 4:
- Click on "Tax Tools" in the left menu
- Click "Tools"
- Click "View Tax Summary" in the Tool Center window
- Click on "Preview my 1040" on the left
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