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charles 52149
Returning Member

RMD and rollovers

fidelity mistakenly withdrew my 2021 rmd twice & corrected it with a rollover contribution into my account. But my 1099R shows the double amount. How do I avoid paying taxes on the double withdrawal?

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1 Reply
MinhT1
Expert Alumni

RMD and rollovers

After entering your form 1099-R, you can indicate in TurboTax that you did a roll over back to the account of half of the amount.

 

Enter your form 1099-R by following these steps:

  1. In TurboTax, open your tax return
  2. Click on Federal in the left-hand column, then on Wages & Income on top of the screen
  3. Scroll down to All Income, locate the section Retirement Plans and Social Security and click on Show more
  4. Click Start next to IRAs, 401(k), Pension Plan Withdrawals (1099-R).
  5. When you arrive to the page Tell us if you moved the money through a rollover or conversion, click on the radio button I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)

 

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