You can indicate the "rollover" back to your IRA in the screens after the 1099-R entry screen. To return to your 1099-R and indicate this, please follow these steps: Click on Federal > Income & Expenses Scroll down to the Retirement Plans and Social Security section and click on the Start/Revisit box next to IRA, 4701(k), Pension Plan Withdrawals (1099-R). If you have already entered this or other 1099-Rs, Your1099-R Entries, click on the Edit link next to the applicable IRA. Click Continue on the 1099-R entry screen. If you haven't yet entered this 1099-R, continue through the screens to enter the information. After the 1099-R entry screen, you will see a screen What Did You Do With The Money From IRA? Mark the button that you moved the money to another retirement account. In the section, Choose which of the following applies, mark the applicable radio button. In the next section, enter the Amount rolled over to another (or back to the same) retirement account -- the amount you put back. Continue through the screens to finish the 1099-R entry. ·
What code is in box 7 on your 1099-R?
Is the IRA/SEP/SIMPLE box checked?
Are you age 70 1/2 or older?
I must be missing something obvious, but I do not see the question "What Did You Do With The Money From IRA?" Gone through it a hundred times.
Where asked if this distribution was from a Qualified Plan or a Non-Qualified Plan, how did you answer?
Again please answer my questions - you might not get that screen at all depending on box 7 code and your age.
Box 7 has "7" in it, and the IRA/SEP/SIMPLE box is checked. And I am older than 70-1/2.
Then at age 70 1/2 you are required to take a RMD. TurboTax asks if the distribution all or part of a RMD.
An RMD or any part of a RMD is not eligible to be rolled back or into any other retirement plan so the question will not be presented.
Only distributions that are in excess of a RMD can be rolled over, but the RMD must be satisfied first. If your distribution was *more* than the RMD then answer the RMD question that part of the distribution was a RMD and enter the RMD amount, then the question will be asked so that the excess only can be rolled over.
Bingo!
I had to say that only part of it was to satisfy the RMD, and then I got the screen with the right question. Thanks everyone for your patience and help!
By the way, Fidelity furnished the IRS with the form 5498, which outlines my rollover. I wonder if that would have been enough to satisfy the IRS?
No. You must report it on your Tax return. The rollover amount will be on the 1040 line 4a and 4b. The taxable RMD on 4a and the rollover amount on 4b with the word "ROLLOVER" next to it. If not reported that way the entire 1099-R box 1 amount would be taxable.
After you complete the entry of the Form 1099-R, you are asked a series of questions. On the screen What Did You Do with the Money From (Payer's Name)? you either indicate you did something else with it or moved the money to another retirement account
See screenshot