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Returning Member
posted Mar 6, 2021 9:06:59 AM

1099R Incorrect Deferred RMD due to COVID

My parents went to take a RMD prior to hearing that the IRS was not requiring them in 2020.

They received the funds from one bank and immediately rolled them over into a CD - but at another bank.

I know I need to enter in what was on the 1099-R from the first bank (which is correct from their viewpoint) - but how do I deal with the fact that it was rolled over?  

 

If they'd only done this at the same bank....


Thanks for your help.

0 2 282
2 Replies
Expert Alumni
Mar 6, 2021 9:30:02 AM

If it was rolled over into another retirement account then please follow these steps to enter your 1099-R and RMD rollover:

  1. Login to your TurboTax Account 
  2. Click on the Search box on the top and type “1099-R”
  3. Click on “Jump to 1099-R” and enter your 1099-R
  4. Continue until "How much was a RMD?" and select "none"
  5. Continue "Tell us if you moved the money through a rollover or conversion" and select "I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)"
  6. Continue answering the questions.

 

RMDs were waived for 2020. You must indicate to TurboTax that none of the distribution was RMD. If you already enter 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. 

 

 

You can verify your entry by looking at your Form 1040 line 4 or 5:

  1. Click on "Tax Tools" in the left menu
  2. Click "Tools"
  3. Click "View Tax Summary" in the Tool Center window
  4. Click on "Preview my 1040" on the left

 

Returning Member
Mar 7, 2021 5:32:30 AM

Thank you very much - that worked!