required minimum distribution - how is this reported on the tax return - the gross and tax wh - this was returned to the account

Forum|Forum|5 years ago
March 11, 2021
6 replies
27 views

form 8915- E reported the gross distribution, but what happens to the tax that was withheld?

help - help

ProSeries Basic

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Just-Lisa-Now-

Intuit Community Champion

withholdings are used in 2020, they cannot be spread to the other years, be sure your clients understand they may end up under withheld for 2021 and 2022 due to this extra income.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

0

06271900Author

Level 2

used form 8915-E to return the required minimum distribution, but have no clue as to what happens to the federal income tax withheld. Will show as a refund on the 1040 and then show reduction on the 5498?

Just-Lisa-Now-

Intuit Community Champion

Oh, Im sorry, I missed RMD when you mentioned the 8915E.

For and RMD payback, use the Rollover section in the 1099R worksheet, you dont use the 8915E...thats for Covid distributions that you want to spread over 3 years.

Did they return the entire amount (adding their own funds for the w/h?) or only the net?

You still use the Rollover section, just be sure you only rollover exactly what was recontributed. The withholding will be considered a payment and potentially refunded on the return.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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