Under the CARES ACT, I returned my RMD in my IRA , technically a 2020 Rollover. But Turbo Tax is not allowing me to report the Federal Income tax withheld in Box 4 1099

[macuser_22]

Delete the 1099-R you entered and re-enter.

Answer the RMD question that "None of this distribution was a RMD" or "RMD not required" depending on the TurboTax version - because it was NOT a RMD, there were no 2020 RMD's.

If this is an inherited IRA then answer the "Is this IRA inherited" with NO. The purpose of that question is to PREVENT rolling an inherited IRA over, but is allowed for 2020 only.

Then you will get the screen to say it was "moved" and all rolled over.

Also check the box that this was NOT a COVID related distributions - it was a RMD that was returned.

That will put the 1099-R box 1 amount on the 1040 form line 4a with the word ROLLOVER next to it.

[DawnC]

If this was an RMD  that was rolled over you must say that it was NOT an RMD to get the questions because there was not 2020 RMD so it was not an RMD,   Also, inherited IRA's are not eligible for rollover except for 2020, so if inherited, answer that it was NOT inherited.   If you already said that it was an RMD, you will need to delete the 1099-R and re-enter it - but this time, say it was not an RMD.   Then it should correctly show the rollover, with no taxable income and a credit for the taxes already paid.   

You don't need to enter information from your Form 5498.   Keep Form 5498 with your records for future reference when you need to determine the end-of-year value of your investment basis in non-deductible or Roth IRAs.      @rstupp

[wlee1120]

I followed your suggestion: deleted the 1099-R and re-input it stating that it was not an RMD.  I couldn't find where to indicate that there was a rollover.  Line 4B still shows an amount.  Can you please be more specific as to where to state that it was a rollover?  Thanks

[jwdbond]

In the Mac TurboTax product I go to the Forms view and open the 1099R form. The rollover box is near the bottom of the form.

[sandyjo304033]

I would like to to have a person walk me through my tax report . 100 thousand over and i put zeros in exceptio where it told me on my 1099r

[sandyjo304033]

you  are speaking greek to me. at 71 yrs I do not understand finances. I had problems  choosing how to define the 1099r for pension and then the other for my monthly pay from my annuities. in box7a x inbox for ira /sep simple. i did not knowwhat to call it from the drop down i chose high roller roth

[rebroach]

So, how do you report return of an RMD using TurboTax?

[AmyC · Accepted solution]

@sandyjo304033

@rebroach

Follow these steps to report RMD returned:

First, report the distribution:

1. Go to your 1099-R and edit
2. Type in the 1099-R just like the form in your hand
3. Gross distribution, taxable amount, tax withheld, etc, match the form
4. Box 7 has a number in it on your form, pick that same number for the program dropdown.
5. If your form has IRA/SEP/ SIMPLE box marked, check the box in the program
6. State information, match the form
7. Continue

Second, go through the follow up questions:

1. Inherit, no, continue
2. Transfer to charity, none, continue
3. What did you do with the money? Moved to another retirement account or returned to same account, drop down appears
   1. choose which of the following applies
      • moved it all - says rolled over all of this money to another retirement account
        • continue
        • We want to let you know no tax
      • moved part of it - did a combination of rolling, converting, or cashing 
        1. dropdown and mark how much was rolled back into retirement account
        2. continue
        3. HSA? no continue
        4. COVID or disaster? 
           1. no, continue, done
           2. yes, COVID, keep answering

[HTL2]

How do I enter my RMD rollovers in turbotax?

[macuser_22]

---

@HTL2 wrote:

How do I enter my RMD rollovers in turbotax?

---

Did you READ the answer directly above your post?

[jjasinski]

I have tried to follow the directions for reporting a return of my 2020 RMD but without success.

I am using the downloaded version of Turbotax 2020. Please advise in a set of steps how I report the return to my IRA the 2020 RMD and where that change is reflected.

[fanfare]

If your tax return is messed up, delete any 1099-R(s) you entered, log out if Online, and start over.

Follow the directions above dated 4/15/2021 9:36 PM

[Susanq99]

Excellent answer. Easy to follow.  thanks

[pderas]

Thanks ever so much AmyC.

I have been working on this for months, and it looks like this solution might work.

I have one further question: What do I do with the 2020 Form 1099-B sent to me by Vanguard, which shows my rolled back RMDs as taxable because I send them to an account that holds stock market shares. That account has been in existence since 2013, when I started taking RMDs. I have never before made any withdrawals from that account.

The 1099-B shows the following:

2020 Form 1099-B

Proceeds from Broker and Barter Exchange Transactions

Transaction description: TOTAL STOCK MARKET INDEX ADMIRAL SHARES

Quantity sold: 51.286

Date sold or disposed (Box 1c): 06/30/2020

Date acquired (Box 1b): 09/17/2013

Proceeds (Box 1d): 3,911.08

Cost or other basis (Box 1e): 3,017.49

Wash sale loss disallowed (Box 1g): 0.00

Gain/Loss: 893.59

Federal income tax withheld (Box 4): 0.00

State income tax withheld (Box 16): 0.00

[MrMike53]

I assume you deposited the RMD into the Vanguard Fund when you originally took it out.

When you went to pay it back - you withdrew the original amount from the Vanguard account.  When you withdrew the amount from Vanguard I am guessing you did not specify the "lots" and based on the Date acquired in your note - the lots were taken from 9/17/2013.  I also would assume the Cost Basis of the shares taken were less than the sale price - therefore, you have to pay capital gains on the withdrawal.  If you had selected the lots - based on cost closest to the sale price, the gain would have been less.  If my assumptions are correct there is nothing you can do but pay the capital gains on the $893.  I have no clue if you can change the lot assignment and even if you could my guess is that it would not be corrected until after May 15th.