RMD repayment

Forum|Forum|5 years ago
March 7, 2021
1 reply
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I took an RMD from an inherited IRA in April and repaid it to the original IRA in July. In the income section in TurboTax, I answered "No" to the question about the withdrawal being an RMD. I'm getting no follow-up questions about rollovers, and the program says not to include rollovers in IRA contributions. Where do I deal with the repayment so I can get this distribution out of income?

ColeenD3

Level 15

Any RMD received in 2020 is no longer required and can be rolled back within 60 days of the distribution as long as the distribution would have been eligible for rollover had it not been an RMD.

Your rollover was beyond the 60 day time period.

pFcF35-OAuthor

Level 2

Actually, IRS Notice 2020-51 references an extension of the 60 day rollover period to Aug. 31, 2020, and mine was completed before that. My real question is about the software which I think should be asking questions about what I did with the distribution and giving me the option to indicate it was rolled over. That's not happening, so even though Turbo Tax says not to deal with a rollover as a contribution, I can't figure out how else to remove it from income.

dmertz

Level 15

It seems that you are using online TurboTax which does not presently support reporting a rollover of a distribution paid to a non-spouse beneficiary. As long as the entire distribution was rolled over, when TurboTax asks, indicate that the distribution was not from an inherited IRA. TurboTax will then present the questions that ask what you did with the money.