1826979
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.
You'll need to sign in or create an account to connect with an expert.
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.
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.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
tcondon21
Returning Member
kgsundar
Level 2
kgsundar
Level 2
matt_terry
Level 2
hnk2
Level 1