topic Reporting money returned to a traditional IRA in 2020 in TurboTax in Get your taxes done using TurboTax

Reporting money returned to a traditional IRA in 2020 in TurboTax

wrighgd — Mon, 29 Mar 2021 21:33:17 GMT

I need help in reporting money returned to a traditional IRA in 2020. Can someone help? I've tried suggestions found in TurboTax forums but nothing works.

Re: Reporting money returned to a traditional IRA in 2020 in TurboTax

ColeenD3 — Mon, 29 Mar 2021 21:47:06 GMT

What exactly is not working? If you rolled the money back into your IRA within 60 days, you tell the program that you did so on the screen below. Make sure the IRA box is checked in the program.

Re: Reporting money returned to a traditional IRA in 2020 in TurboTax

wrighgd — Sun, 04 Apr 2021 18:26:30 GMT

Yes I did just as you suggested but got an error when I went to the review step.

Re: Reporting money returned to a traditional IRA in 2020 in TurboTax

VolvoGirl — Sun, 04 Apr 2021 18:49:07 GMT

Was it for the RMD? Since there is no RMD required for 2020, after you enter the 1099R say it was NOT an RMD and then that you rolled it over (even if back into the same account). Was any withholding taken out? If it was then did you replace the withholding with your own money? Otherwise the withholding will be a taxable distribution itself. You will get credit for the withholding taken out.

If you already entered the 1099-R as RMD and changing your answer to the RMD question doesn't work then you have to delete and renter the 1099-R form.

Or you didn't also enter it in deductions as a contribution, did you? It doesn't go there. It is not a new contribution.