turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Turbo tax has software errors with IRA rollovers. Tax laws allows for them to be returned, but Turbo Tax includes them with taxable income after completing step by step

 
6 Replies

Turbo tax has software errors with IRA rollovers. Tax laws allows for them to be returned, but Turbo Tax includes them with taxable income after completing step by step

Delete your 1099-R form and start reporting your 1099-R from scratch. This time answer “no” when asked if any of the distribution is RMD. Then you will be prompted to report the amount rolled over or returned. 

Turbo tax has software errors with IRA rollovers. Tax laws allows for them to be returned, but Turbo Tax includes them with taxable income after completing step by step

Nothing worked.  I did an override.

Turbo tax has software errors with IRA rollovers. Tax laws allows for them to be returned, but Turbo Tax includes them with taxable income after completing step by step

I could never get the prompt as to how much was rolled over either.  I didn't say it was an RMD.  They need to fix this--it will be a common problem this filing season.

SamS1
Expert Alumni

Turbo tax has software errors with IRA rollovers. Tax laws allows for them to be returned, but Turbo Tax includes them with taxable income after completing step by step

If you are using Desktop, you need to go to Forms mode.  Click on Forms in the upper left hand corner of the screen. In the left hand column, click on the 1099R you're working and it will open.  Scroll down the 1099R and you will see the options for QCD and RMD.  There you can indicate if you rolled the RMD back into your IRA.

 

The pandemic has affected your taxes in many ways. Including reporting in TurboTax the amount of stimulus money you received. Click Here for more information on how the Pandemic affected your 2020  taxes.

Turbo tax has software errors with IRA rollovers. Tax laws allows for them to be returned, but Turbo Tax includes them with taxable income after completing step by step

That suggestion worked.  Thank you.  It seems as though they should put a fix in this on step-by-step.

SamS1
Expert Alumni

Turbo tax has software errors with IRA rollovers. Tax laws allows for them to be returned, but Turbo Tax includes them with taxable income after completing step by step

Duly noted.  My thoughts are, other than the QCD, there may not be another instance where you will be able to roll RMD back into your IRA.  But who knows what the future will bring.  

 

Form 8915-E: Qualified 2020 Disaster Retirement Plan Distributions and Repayments, which is used for COVID-related early distributions, will be e-fileable starting 2/24.  The IRS is updating form 5329’s instructions to make it clear that COVID related exceptions cannot use 5329 and should use the new 8915-E.

Use your Intuit Account to sign in to TurboTax.
By selecting Sign in, you agree to our Terms and acknowledge our Privacy Statement.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing

Related Content

Manage cookies