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katiej
Returning Member

RMD taxable amount

I received a portion of my RMD for 2020, but stopped when the new regulations came out that you didn't need to take an RMD for 2020.  I paid back approximately $6,000 of the distribution that I had received.  The 1099 from my financial institution states that I received 14,000 and that 14,000 is taxable.  However, since I paid back, $6,000, I believe my taxable amount should be $8,000.  If I fill out Turbo Tax saying that the 14T is the distribution amount and the taxable amount, my tax refund is $372.  If I change the taxable amount to 8T, the refund remains $372.  However, if I claim that the distribution is  8T and the taxable amount it 8T, my refund changes to $1,313.  Might this be a glitch in the program, as it only calculates the tax on the distribution, not the taxable amount?  Any advice would be appreciated.   

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2 Replies

RMD taxable amount

Delete your 1099-R and start again. Now report the 1099-R as you received it but when asked if it is a RMD answer NO.  Now you can tell the program how much you paid back. 

katiej
Returning Member

RMD taxable amount

Thanks for your reply, I did not get notified that anyone had replied, so I just saw your answer now.  I went back to the questionnaire and said that it wasn't an RMD, but I was never asked me any payback questions.  I am at my wits end!  

 

I received 14,000

made charitable contributions of 2000

paid back 6000 

converted 6000 to a Roth

 

I believe that my taxable amount should only be 6000

 

However, no matter how I put those figures in, the taxable amount on line remains 14000 minus the 2000 for charitable contributions. 

 

Any other advice? 

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