RMD Taken than Reimbursed

[rb3955]

In 2020 I initially took an RMD and had taxes sent to IRS.  Then under 2020 Covid, was told RMD not required, and made deposit to get back to zero. However, 1099-R from Fidelity shows the Distribution, and not the reimbursement (this is on form 5498).  How do I enter this in TurboTax

[DanaB27]

Please follow these steps to enter your 1099-R and RMD rollover:

1. Open your return
2. Click on "Search" on the top right and type “1099-R”
3. Click on “Jump to 1099-R” and enter your 1099-R
4. Continue until "How much was a RMD?" and select "none"
5. 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)"
6. Continue answering the questions.

RMDs were waived for 2020.  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 or 5.

[jhrob]

I have done this for federal. how do I do this for state 140? The state asks that a copy of my 1099-R be attached to mailed copy.

And that shows 1099-R taken but not reimbursed.

[DawnC]

What state are you in?   @jhrob   And is there any particular reason why you are not e-filing your returns?   If you returned the full amount of the RMD, you should show no taxable income for the distribution on the federal or state return.   Also, when you returned the money, did you also return any amounts withheld for federal and state taxes?    If you did not (meaning you only returned the amount of your deposit instead of the amount in Box 1 of the 1099-R), the withheld amounts should show as a taxable distribution.    But you will also receive a credit on the returns for the amounts withheld.   

[jhrob]

The only reason I am not efileing my state return, AZ 140, is the 25 dollar fee.  That is just too much.

[jhrob]

So I guess I will just include the 1099 R that does not indicate I reimbursed.  As for what amount I reimbursed is was the full amount including federal taxes.

[SamS1]

If you received a 1099R for the IRA with reimbursed RMD, you need to include it in TurboTax.  Please follow these steps to enter your 1099-R and RMD rollover:

1. Login to your TurboTax Account 
2. Click on the Search box on the top and type “1099-R”
3. Click on “Jump to 1099-R” and enter your 1099-R
4. Continue until "How much was a RMD?" and select "none"
5. 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)"
6. Continue answering the questions.

 RMDs were waived for 2020. 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 re-enter the 1099-R form. 
  
You can verify your entry by looking at your Form 1040 line 4 or 5:

1. Click on "Tax Tools" in the left menu
2. Click "Tools"
3. Click "View Tax Summary" in the Tool Center window
4. Click on "Preview my 1040" on the left