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- Reporting an RMD Rollover made prior to 8/31/20.
Reporting an RMD Rollover made prior to 8/31/20.
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Dodgerfan
Level 3
03-15-2021
03:06 PM
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I have a client who returned the full gross amount of their 2020 RMD prior to the 8/31/20 deadline. They received a 2020 1099R showing the RMD amount and that it was fully taxable. It was a normal distribution - Code 7. How do I report this on Lacerte? Do I report the full amount of the RMD with $0 taxable (even though the 1099R shows it as fully taxable) and use Code 7 and G for the rollover aspect on the same line?
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qbteachmt
Level 15
03-15-2021
07:22 PM
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You keep posting income tax preparation topics in this Software Developers section. I recommend asking in the Lacerte section of the community, to get the attention of tax preparers using Lacerte.
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