Where do you report an RMD rollover that occurred within the 60 day time limit?

[smith-mahon]

RMD was distributed twice and the half was paid back to the issuing institution within 60 days. Where does that info get entered?

[MaryK4]

This would be an indirect rollover.  In TurboTax, you can indicate that you returned the distribution in the follow-up questions to the 1099-R entry:

1. Go to Federal > Wages & Income > Retirement Plans and Social Security and enter the 1099-R exactly as it appears on your paper form.
2. When asked if the distribution was a Required Minimum Distribution, select "Yes" and enter the amount that was actually required.
3. Continue through the follow-up screens until you see the question: "What did you do with the money?".
4. Choose "I moved the money to another retirement account (or returned it to the same account)".
5. Select "I rolled over some or all of it..." and enter the specific dollar amount you paid back within the 60-day window. 

[smith-mahon]

I can get as far as entering the 1099-R exactly as on the form and then to reporting what the required distribution was  supposed to be (half of the 1099-R).  I am never taken to a screen asking “what did I do with the money”.

How do I get there?

Thanks for your help!

[DianeW777]

It depends. Make sure you did make the selections noted below. 

• On this screen 'What kind of retirement plan do you have with __?' Select 'Qualified plan (most common)', 
• Continue, Continue on the next screen you will see the following: 'Tell us if you moved the money through a rollover or conversion' - make your selection here I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)

Please update if you have more details and we will help you.

@smith-mahon 

[smith-mahon]

I have never seen a screen asking “what type of retirement plan do you have?” or anywhere it says “tell us if you moved the money…”.

I just deleted the form so I can start again — would it be better to have Fidelity upload it? (I prefer to enter everything myself).

Thank you to all who have responded so far!

Hilary

[BillM223]

In general, we prefer that you enter the form by hand, if there is any question.

[VolvoGirl]

Enter it by hand.   And be sure to go through all the follow up screens to the end of the retirement section.   Oh,  what code is in box 7 on the 1099R?   I think you may need to split it up into 2 1099R forms.   @dmertz 

[smith-mahon]

Box 7 is 7.  

Is it an additional problem that the amount I returned was exactly the amount of the 2nd deposit (not taking into account any Fed or State withholding)?

This is driving me crazy!

[dmertz]

Even when you use TurboTax to download the form from the payer, you still have to go through the entry to confirm everything and answer follow-up questions.

If you did not use other funds to not replace the amount withheld for taxes, that amount remained distributed and subject to tax.  Only the portion actually deposited back into the account was rolled over.

When entering the Forms 1099-R, make sure that you do not indicate the portion that was distributed in excess of the actual RMD as being any amount of RMD.  The amount distributed in excess of the actual RMD is not an RMD.