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Traditional IRA RMD rollover based on the IRS ruling 3/27/2020

Why is Turbotax showing I am being taxed for a RMD from my Traditional IRA when I rolled over the entire amount back into the same IRA? 

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5 Replies
MinhT1
Expert Alumni

Traditional IRA RMD rollover based on the IRS ruling 3/27/2020

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

 

Enter your form 1099-R 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.

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Traditional IRA RMD rollover based on the IRS ruling 3/27/2020

Delete the 1099-R and re-enter.

 

Answer the RMD question that "None of this distribution was a RMD" or "RMD not required".   The you will get the rollover question.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

Traditional IRA RMD rollover based on the IRS ruling 3/27/2020

Sorry I do not see the screen that says "Tell us if you moved the money through a rollover or conversion. Will I find that in the IRA questions section or later? 

When I look at the income summary screen it still shows that my IRA is flagged as income.

AnnetteB6
Expert Alumni

Traditional IRA RMD rollover based on the IRS ruling 3/27/2020

The question will come up in the Form 1099-R section where you enter the information about your distribution.  

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Traditional IRA RMD rollover based on the IRS ruling 3/27/2020

What code is in box 7 on your 1099-R?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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