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]

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@pderas wrote:

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:

Please clarify your situation.   What does a 1099-B have to do with a RMD?

RMD's are required for retirement accounts such as IRA's and 401(k) type employer plans and generate a 1099-R, not a 1099-B.    Brokerage accounts that generate 1099'-B's do not have RMD's.  IRA's do not get 1099-B's.

It is not clear what your problem is.

[Mintchipper]

I tried following these instructions and it didn't work. It doesn't give me the option of a drop down menu that says "Moved to another retirement account or returned to the same account." Currently the RMD that we returned to the retirement account due to the CARES act still shows up at income on our 1040 and it shouldn't. 

How do we fix this Turbo Tax error so that it no longer appears as income?

[Mintchipper]

I just found the answer in the March 26, 2011 message of saying it wasn't inherited. No it works. The distribution no longer shows up in income. Thanks!

[Nordron36]

I made a 60-Rollover back to my IRA in 2020. It is not shown on the IRA 1099R but is shown on Form 5498 which TurboTax does not accept.  Should I edit the 1099R to include the rollover? Or insist on a new 1099R that shows it?

[VolvoGirl]

How do you expect the 1099R to show it?  Just enter the 1099R exactly as shown.  Then if it asks say No it was not a RMD and the RMD was not required.  Then say you rolled it over and the amount.

Was any withholding taken out?  If it was then did you replace the withholding with your own money?  Otherwise the withholding will be a taxable distribution itself. You will still get credit for the withholding taken out on 1040 line 25b.

If you already entered 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. 

[macuser_22]

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@Nordron36 wrote:

I made a 60-Rollover back to my IRA in 2020. It is not shown on the IRA 1099R but is shown on Form 5498 which TurboTax does not accept.  Should I edit the 1099R to include the rollover? Or insist on a new 1099R that shows it?

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1099-R's only show distributions.   *You* must tell TurboTax that it was rolled over so it will be entered on the 1040 form line 4 as a rollover.  There is noting on a 1099-R that indicates a rollover.

If it is not on the 1040 line 4 with the word "ROLLOVER" next to it then:

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.