topic 1099-R Corrected form for 2020 in Get your taxes done using TurboTax

1099-R Corrected form for 2020

Obrien2906 — Tue, 09 Mar 2021 03:27:00 GMT

I was issued a 1099-R by a bank in which I have an IRA. Before the enactment of the 2020 CARE ACT I withdrew $30,000 to cover part of my 2020 RMD. Once I Iearned of the waiver of RMD requirement for 2020 I redeposited the $30,000 to my IRA account with the bank.

The had already sent $3,900 to the IRS for the taxes on the $30.000. They claimed they had no way to refund the $3,900 in taxes so it was decided to leave the taxes with the IRS until I filed my 2020 Taxes as i am trying to do at this moment. The $3,900 would then be returned to me as a TAX REFUND

The 1099-R corrected form that I have shows zero Gross Distribution and $3,900 in Federal Taxes Withheld.

Turbo tax will not allow me to e-file my taxes because of what I have explained .

HELP!!!!

Martin J O'Brien

Re: 1099-R Corrected form for 2020

macuser_22 — Tue, 09 Mar 2021 03:48:28 GMT

@Obrien2906 wrote:

I was issued a 1099-R by a bank in which I have an IRA. Before the enactment of the 2020 CARE ACT I withdrew $30,000 to cover part of my 2020 RMD. Once I Iearned of the waiver of RMD requirement for 2020 I redeposited the $30,000 to my IRA account with the bank.

The had already sent $3,900 to the IRS for the taxes on the $30.000. They claimed they had no way to refund the $3,900 in taxes so it was decided to leave the taxes with the IRS until I filed my 2020 Taxes as i am trying to do at this moment. The $3,900 would then be returned to me as a TAX REFUND

The 1099-R corrected form that I have shows zero Gross Distribution and $3,900 in Federal Taxes Withheld.

Turbo tax will not allow me to e-file my taxes because of what I have explained .

HELP!!!!

Martin J O'Brien

You must enter the 1099-R exactly as received.

The tax withheld in box 4 will be added to all other withholding on line 25 on the 1040 and be used to offset your total tax. Any additional will be a refund.

Delete the 1099-R you entered and re-enter.

When you enter the 1099-R 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.

Then you will get the screen to say it was "moved" and all rolled over.

That will put the 1099-R box 1 amount on the 1040 form line 4a with the word ROLLOVER next to it.

Re: 1099-R Corrected form for 2020

fanfare — Tue, 09 Mar 2021 04:21:10 GMT

TurboTax will not accept a "corrected" 1099-R as you describe because it is incorrect.

The withholding can't be more than the distribution.