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wrighgd
Returning Member

Reporting money returned to a traditional IRA in 2020 in TurboTax

I need help in reporting money returned to a traditional IRA in 2020.  Can someone help?  I've tried suggestions found in TurboTax forums but nothing works.

3 Replies
ColeenD3
Expert Alumni

Reporting money returned to a traditional IRA in 2020 in TurboTax

What exactly is not working? If you rolled the money back into your IRA within 60 days, you tell the program that you did so on the screen below. Make sure the IRA box is checked in the program.

 

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wrighgd
Returning Member

Reporting money returned to a traditional IRA in 2020 in TurboTax

Yes I did just as you suggested but got an error when I went to the review step.

VolvoGirl
Level 15

Reporting money returned to a traditional IRA in 2020 in TurboTax

Was it for the RMD?  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. You will get credit for the withholding taken out. 

 

If you already entered the 1099-R as RMD and changing your answer to the RMD question doesn't work then you have to delete and renter the 1099-R form. 

 

Or you didn't also enter it in deductions as a contribution, did you?  It doesn't go there.  It is not a new contribution.

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