Repayment of RMD

Forum|Forum|5 years ago
February 12, 2021
4 replies
28 views

How to reflect return of RMD? Entire RMD was returned to custodian, by check, however, Federal and state tax was withheld, as reflected on 1099-R.

ProSeries Professional

This topic has been closed for replies.

Just-Lisa-Now-

Intuit Community Champion

The entire amount was paid back? even the withholdings? Or did they only return the amount of the check?

Scroll down to the Rollover section and input how much was actually returned.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

N

NDom27Author

Level 2

The entire amount was returned to the Brokerage.

So now I need to reflect the 1099-R showing the distribution, and the tax so that was withheld so that the client is refunded the withholding. I have tried to use the rollover option, showing the amount in Partial, and as a complete rollover, but my IRA amount still shows as taxable on the 1040.

Just-Lisa-Now-

Intuit Community Champion

So if I fill out the 1099R and show the entire amount rolled over by clicking the box down in the 1099R worksheet Page 2 Line B1

I see the total amount on Line 4a of the 1040, but Line 4b is empty and the word Rollover appears next to the amount on Line 4a. See screen shots below

Is this not happening for you?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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