topic Re: RMD distribution in Retirement tax questions

RMD distribution

mainementor — Wed, 22 Jan 2020 21:41:28 GMT

Through a technical error my RMD for 2019 was taken twice. Upon learning this I contacted my financial institution and was told that I could avoid the double income impact if I returned the 2nd distribution within 60 days, which I did. When I received my 1099-R both distributions are showing in Boxes 1 and 2. My Form 5498 is showing the 2nd distribution as a rollover contribution.

My understanding was that Box 1 would contain the Gross Distribution Amt and Box 2 would contain the Gross Amount less the 2nd distribtion that was returned to the IRA. And that amount would be the taxable amount. Can someone give me some guidance here before I go back to my financial institution to try to obtain a corrected copy 1099-R?

Re: RMD distribution

MinhT1 — Wed, 22 Jan 2020 21:54:24 GMT

You do not need to have your form 1099-R corrected. You can report the amount that you rolled over in TurboTax and exclude it from taxation.

Please follow the instructions in this TurboTax answer.

Re: RMD distribution

dmertz — Wed, 22 Jan 2020 23:34:15 GMT

Beyond not needing the Form 1099-R to be corrected, the Form 1099-R cannot be corrected because it is actually already correct and simply needs to be entered properly into TurboTax ans described.

Be aware that you are not permitted to roll over another IRA distribution if within the one-year period ending on the date of the distribution you rolled over an earlier distribution from any of your IRAs.