topic Re: RMD 2020 in Get your taxes done using TurboTax

RMD 2020

kboyajian2 — Mon, 05 Dec 2022 18:05:18 GMT

In early 2020, I took my RMD.

I found later that year that RMDs were waived due to COVID.

Can I put that money back into my IRA and recover the taxes that were charged?

Re: RMD 2020

Mike9241 — Mon, 05 Dec 2022 18:09:19 GMT

no.

Re: RMD 2020

dmertz — Tue, 06 Dec 2022 01:22:37 GMT

The deadline to do so was August 31, 2020.

Re: RMD 2020

fanfare — Tue, 06 Dec 2022 03:25:01 GMT

if deposit was made before Aug 31, 2020

was that a repayment 5498 line 14 or a rollover 5498 line 2 ?

@dmertz

Re: RMD 2020

dmertz — Tue, 06 Dec 2022 04:41:17 GMT

I read the instructions for Form 5498 as saying that if the redeposit was made during the 60 days following the date distribution was received it should be reported in box 2 as a rollover, otherwise in box 14a as a late rollover.

Re: RMD 2020

fanfare — Tue, 06 Dec 2022 19:28:59 GMT

That causes confusion because:

Form 8915-E says enter total amount of repayments made before filing your tax return,

not rollovers made before filing.

@dmertz