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IRA rollover to same account

I took out $24,100 in distributions from my regular IRA.  Within 60 days, I redeposited $3,000 into the same IRA.

 

It seems to me that the "NET" taxable IRA distribution should be $21,100.  In the entries in TurboTax I answered YES that some or all of the amount was rolled over into the same account. The worksheet shows the entry for $3,000.    Yet, on my 1040, the amount continues to show the full distribution 0f $24,100.  WHY is there not an adjustment for the rollover? 

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2 Replies
ColeenD3
Expert Alumni

IRA rollover to same account

Does it have $24,100 on both Lines 4a and 4b? Line 4a is the total amount. Line 4b is taxable.

 

IRA rollover to same account

The only way I could arrive at the "right" result that you show, I had to go back and check "No, none of this this withdrawal was form RMD (This is not common)"   To have the parenthetical 'this is not common" will lead to a lot of confusion.  The whole implication for the parentheses is: Don't use this box unless absolutely sure!

 

The whole issue centers around this CARES ACT and its effect on RMD.  Is there not a simple, simple explanation of how to handle this issue?

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