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Dave130
New Member

Taxes on RMD for 2020

I took my full IRA RMD for 2020 before the law changed to waive RMDs  for 2020.  I then redeposited 50% of the distribution back into the same IRA within the allowable timeframe.   The TurboTax form shows that I owe taxes on the entire distribution, not just the 50% I kept out.  

Do I need to mark the distribution as not an RMD, as the response indicated for a similar question from someone who rolled the entire amount back?

2 Replies
SteamTrain
Level 15

Taxes on RMD for 2020

Correct, you need to mark the distribution as NOT being an RMD....then you will get the follow-up questions about the returning any of it to a retirement account and how much was rolled over.

 

Since RMDs aren't eligible for rollovers...that's why you don't get the rollover questions in going that route in the questions.

________________________________

People who have pensions that automatically send out monthly payments ..... those are still RMDs...so they can't rollover any of those $$.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
dal130
Returning Member

Taxes on RMD for 2020

Thanks,

I unchecked the RMD box but that didn't solve the problem until I deleted the payer and re-entered the information correctly (ie not a RMD).  The re-entered information correctly figured taxes on the amount kept out.

Thanks again for your guidance.

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