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RK45
New Member

RMD

I have a question about RMD for 2022

we have a Traditional IRA account in a Brokerage firm. Before the year starts, 

in November before the New year,

we move RMD amount , plus some more to a money market account, ftom which they transfer certain amount every month directly to our Bank account. Last November 2022,

we when we asked the Brokerage firm to transfer money for 2023 RMD to the money market fund, by mistake they transferred the whole amount to our Bank account, which we put it back to the same IRA account the very next day. Now the problem in our 1099 R , the Brokarage company has the put the amount for 2022 and the money we transferred for 2023 as our total income for 2022 even though we transferred the 2023 money back in to the same IRA account . They said a little will be issued in May that we put the money back in to the same IRA

how do I report this in Turbo tax.

can I put the actual RMD amount as our income, even though 1099 R has a different amount which is almost double. Please help

 

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2 Replies
robtm
Level 10

RMD

You need to contact the brokerage company and have them issue a corrected 1099-R for 2022 showing the correct RMD plus amount you withdrew for 2022. You should not have requested your 2023 withdrawal in November, but waited until 2023 to make the withdrawal.

dmertz
Level 15

RMD

The Form 1099-R is correct and you must enter it exactly as received.  What you did to get money back into the account was a rollover.  In TurboTax, indicate that you moved the money to another retirement account (or back to the same account) then indicate the amount rolled over.

 

Note that no part of a distribution you received in 2022 satisfies any part of your 2023 RMD.  Your 2023 RMD has to be taken on or after January 1, 2023.

 

Perhaps you mean to say that you were taking your 2022 RMD in November 2022.  If you had not yet take the 2022 RMD, the distribution satisfied the 2022 RMD and the portion that represented your 2022 RMD was not permitted to be put back into the IRA.  If the amount that was your RMD for 2022 was put back, that amount constitutes a regular contribution, not a rollover.

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