topic RMD taxable amount in Get your taxes done using TurboTax

RMD taxable amount

katiej — Wed, 17 Feb 2021 22:17:14 GMT

I received a portion of my RMD for 2020, but stopped when the new regulations came out that you didn't need to take an RMD for 2020. I paid back approximately $6,000 of the distribution that I had received. The 1099 from my financial institution states that I received 14,000 and that 14,000 is taxable. However, since I paid back, $6,000, I believe my taxable amount should be $8,000. If I fill out Turbo Tax saying that the 14T is the distribution amount and the taxable amount, my tax refund is $372. If I change the taxable amount to 8T, the refund remains $372. However, if I claim that the distribution is 8T and the taxable amount it 8T, my refund changes to $1,313. Might this be a glitch in the program, as it only calculates the tax on the distribution, not the taxable amount? Any advice would be appreciated.

Re: RMD taxable amount

Bsch4477 — Wed, 17 Feb 2021 22:49:45 GMT

Delete your 1099-R and start again. Now report the 1099-R as you received it but when asked if it is a RMD answer NO. Now you can tell the program how much you paid back.

Re: RMD taxable amount

katiej — Thu, 25 Mar 2021 21:44:56 GMT

Thanks for your reply, I did not get notified that anyone had replied, so I just saw your answer now. I went back to the questionnaire and said that it wasn't an RMD, but I was never asked me any payback questions. I am at my wits end!

I received 14,000

made charitable contributions of 2000

paid back 6000

converted 6000 to a Roth

I believe that my taxable amount should only be 6000

However, no matter how I put those figures in, the taxable amount on line remains 14000 minus the 2000 for charitable contributions.

Any other advice?