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Level 2

Question

TT computing incorrectly

Forum|Forum|5 years ago
January 27, 2021
1 reply
2 views

I took RMD money out of a qualified plan before the rule changed, then returned it. If I say it was an RMD, TT taxes it, even while giving a message saying (correctly) that it is not taxable!

Level 15

Delete the form and start again. This time answer “no” when asked if the distribution was a RMD. Then you will be able to report how much was returned to your plan.

Ariadne IIAuthor

Level 2

True. And that's what I did. However, if I do check "RMD" (which it was at the time) and show it rolled over, TT correctly says it is not taxable, but goes ahead and includes it as a taxable amount!!!!

If money is taken out in the belief that it was an RMD, then properly rolled over, does TT should explain that the box "RMD" should not be checked.

Level 15

I totally agree that this could be handled better and many taxpayers have had trouble with this issue.