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Doug4
Returning Member

Traditional IRA distribution made prior to the RMD waiver.

After I took what would have been an RMD, the government decided that RMDs are waived in 2020.  My broker said I could just repay the exact amount of the distribution, but my 5498 shows it as a rollover contribution.  My 1099 includes the distribution so Turbotax tells me the contribution isn't allowed since I don't have earned income.  The distribution is taxable but the contribution doesn't count as a deduction.  Any ideas how to handle this?  Thank you.

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2 Replies

Traditional IRA distribution made prior to the RMD waiver.

STOP ... this was NOT a contribution ... do NOT try to enter it as such.  

 

All you need to do is enter the 1099-R  and complete the following screens ... you will indicate it was NOT an RMD since none were required and then indicate the entire amount was rolled over back to a retirement account.  

Doug4
Returning Member

Traditional IRA distribution made prior to the RMD waiver.

Thank you for responding so quickly.  You indicated more screens, but I didn't see any more screens.  Could you please be more specific?  Thanks.

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