How to enter repaid RMD payments into an IRA per Cares Act in ProSeries

Forum|Forum|5 years ago
April 12, 2021
14 replies
63 views

Client took RMD early in the year. Later repaid a portion into his IRA per Cares Act. How do I enter the amount repaid in proseries? 1099-R shows full amount as taxable in boxes 1 and 2a. Need to know how to enter in ProSeries

ProSeries Professional

This topic has been closed for replies.

Just-Lisa-Now-

Intuit Community Champion

scroll down the 1099R worksheet to the rollover section.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

S

Steve W 19Author

Level 3

Tried that. There actually were distributions from two different IRAs that were partially rolled back. When entered in the rollover section of the 1099-R screen for each of the IRA's 1099-Rs only one of them shows the amount NOT rolled over (taxable) on the return - the first one entered shows but the second one does not.

qbteachmt

Level 15

"When entered in the rollover section of the 1099-R screen for each of the IRA's 1099-Rs only one of them shows the amount NOT rolled over (taxable) on the return - the first one entered shows but the second one does not."

It's time to include more Details.

Example: An RMD typically has tax withheld. Did your client repay the gross amount by making up the missing Tax withholding, so that the rollover was in fact a Complete rollover of the RMD? And was that made by end of Aug?

Was the Second distribution from Trad IRA? Did it have withholding? Was it rolled over in the timeframe, and in full? Direct indirect?

See how all of that matters?

Don't yell at us; we're volunteers

Sign up

Login with SSO

Let's get you signed in

Login with SSO