topic How to get turbo tax to account for return of RMD under CARES act? in Retirement tax questions

How to get turbo tax to account for return of RMD under CARES act?

baazhr — Mon, 08 Mar 2021 17:30:48 GMT

I initially took my RMDs from both My IRA and an inherited IRA. I'm noticing that turbo tax is not reflecting the returned distribution from the inherited IRA but is reflecting the return of distribution of the regular IRA? I've already re entered and confirmed all information several times and despite this it continues to reflect several thousand dollars of additional taxable income based on an RMD that was returned. Pleas help!

Re: How to get turbo tax to account for return of RMD under CARES act?

MinhT1 — Mon, 08 Mar 2021 17:50:13 GMT

The RMD that you repaid are considered as rollovers to the same account and is not taxed.

Enter your form 1099-R for the inherited IRA normally. After entering your form 1099-R, click Continue until you reach the screen Tell us if you moved the money through a rollover or conversion. Check the radio button which corresponds to your situation then click Continue and follow the interview. Enter the amount repaid as a rollover and it will be excluded from taxation. You will still have the credit for taxes withheld.

Re: How to get turbo tax to account for return of RMD under CARES act?

fanfare — Mon, 08 Mar 2021 17:54:25 GMT

however you entered the one that worked, that's what you should do for the other one.