Rerurned RMD

21 replies
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I received a 1099-R showing my RMD distribution from my IRA. The RMD distribution was returned to the IRA. Where do I input the returned RMD distribution in Turbo Tax?

VolvoGirl

Level 15

Since there is no RMD required for 2020, after you enter the 1099R say it was NOT an RMD and then that you rolled it over (even if back into the same account). Was any withholding taken out? If it was then did you replace the withholding with your own money? Otherwise the withholding will be a taxable distribution itself.

CaptainAl22Author

Level 2

The 1099-R is for a distribution from an IRA. How do you enter into TurboTax that it was returned? There was no withholding taken out.

VolvoGirl

Level 15

Didn't you understand my answer above?

Since there is no RMD required for 2020 then after you enter the 1099R say it was NOT an RMD and then that you rolled it over (even if back into the same account). It will show as income on the Turbo Tax Summary or Review so check the actual 1040. The amount should be on line 4a say ROLLOVER by the taxable line 4b.

CaptainAl22Author

Level 2

The answer is the Distribution Code in Box 7 of the 1099-R should be an "N" and not a "7"

I enter data on the Forms.

dmertz

Level 15

Code N has nothing to do with a returned RMD. You cannot use code N. You must use the code that is present in box 7 of the Form 1099-R provided by the payer.