I need to know how to deal with the 1099-R that I received from my Thrift Savings Account in TurboTax. I repaid all the money back but the form only indicates what I took out?
) Q. I received a 1099-R that reported the RMD I received in 2020. But I repaid (or rolled over) the RMD before the deadline established by the CARES Act. Will I receive a corrected 1099-R to show that I repaid it?
Answer: No. If you received a required minimum distribution (RMD) from your TSP account in 2020, we must report the income and send you a Form 1099-R even if you rolled the money back into your account or into another retirement account under the terms of the CARES Act. You may have already received the 1099-R. You should not expect a “corrected” 1099-R. Remember that not all reported income is taxable income. If you received an RMD that was eligible for rollover in 2020 and you repaid it or rolled it over by the deadline, then it’s not taxable income. Please consult the IRS or a tax adviser for instructions and additional information on tax filing.
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No, you will not receive a corrected Form 1099-R. You will not have to pay tax and you will not be subject to a penalty. You will indicate that you withdrew the funds and rolled them over under the Cares Act provisions on Form 8915-E. Form 8915-E is still in Draft mode at the IRS.
At this point and time the Form 8915-E (Qualified 2020 Disaster Retirement Plan Distributions and Repayments (Use for Coronavirus-Related Distributions)) is not finalized. We currently do not have an estimated date when the form is ready.
Please sign-up here and we will email you once the form is live.
A rollover of a RMD distribution is NOT reported on the 8915-E form. It is simply a rollover that is reported in the 1099-R interview. When entering the 1099-R when the RMD question comes up you MUST say that NONE of it was a RMD, because it was not - there were not RMD's for 2020. Then you will get the screen that asked if you moved the money to another (or the same) account - rollover. That will put the distribution on the 1040 form line 5a with zero on 5b (taxable amount) with the word ROLLOVER next to it.
(The 8915-E form is used for distributions taken because of COVID-19 needs that can be paid back over 3 years or the tax spread over 3 years - it does not apply to a RMD being rolled back.).
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