topic Required Minimum Distribution in Retirement tax questions

Required Minimum Distribution

Kauna612 — Thu, 28 Jan 2021 00:51:47 GMT

In 2020, I received RMD funds from my accounts, but decided to suspend the RMD for the remainder of 2020 and sent back an equivalent amount of funds that I had received as RMDs. How do I indicate in my 2020 returns that I had sent back the RMD funds that I had received during 2020? Will the funds I sent back cancel the taxes I paid on those RMDs? Will those taxes be refunded to me?

Thank you....

LHC

Re: Required Minimum Distribution

VolvoGirl — Thu, 28 Jan 2021 00:53:00 GMT

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.

Re: Required Minimum Distribution

VolvoGirl — Thu, 28 Jan 2021 00:53:40 GMT

Yes you will get credit for the withholding taken out.

Re: Required Minimum Distribution

Kauna612 — Sat, 30 Jan 2021 16:43:06 GMT

Thank you. I'm using TurboTax and was able to do exactly as you recommended. It worked!

LHC