RMD under CARES Act

[Jerry U]

I took my full year lump sum RMD for 2020 on Jan 5th. At this time, under the CARES Act., 2020 RMD's are deferred...but no one can tell me (Including IRS which is unavailable) whether the 60-day redeposit feature has also been extended.  I'd like to redeposit the lump sum $$ I withdrew in January if at all possible to take advantage of NOT having a RMD in 2020.  Does anyone know anything about a "re-deposit" time extention or anything pertaining to this situation?  Thanks in advance Jerry U

[DianeC958]

Currently, there is no extension to the 60 day redeposit rule for taking an RMD in 2020.

@Jerry U

[jtax]

This just in. Now you can rollover all RMD's taken in 2020 until the end of August. Wow. And it doesn't use up your once a year rollover.

https://investornews.vanguard/what-the-cares-act-means-for-you/

[garyhat]

Will TurboTax for 2020 tax year address RMD amounts which were redeposited into an IRA? I did an early withdrawal but under the CARES Act guidelines, I redeposited a portion of that money back into my IRA. Hopefully TurboTax will prompt me thru that without needing a CPA or tax professional of some sort.

[scapoor2]

How to claim credit for rmd redeposit due to CARES Acton 1040? Received a 1099 R with RMD shown as taxable income though a redeposit was made before Aug 31, 2020.

Thanks.

[scapoor2]

Ditto

[macuser_22]

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@scapoor2 wrote:

How to claim credit for rmd redeposit due to CARES Acton 1040? Received a 1099 R with RMD shown as taxable income though a redeposit was made before Aug 31, 2020.

Thanks.

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Enter the 1099-R and answer the RMD question that "NONE of the distribution  was a RMD, then  indicate that the  money was  moved to another (or same) retirement account - rolled over.

Enter a 1099-R here:

Federal Taxes,
Wages & Income
(I'll choose what I work on - if that screen comes up)
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR  Use the "Tools" menu (if online version left side) and then "Search Topics" for "1099-R" which will take you to the same place.

Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.

[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]