Taxpayer repaid RMD - CARES act allowed skipping RMD for 2020 or rolling the funds back into the retirement account. Taxpayer received 1099R for the distribution. How do

[cherylgolich]

I record the repayment in ProSeries so that the distribution is not included in taxable income?

[qbteachmt · Accepted solution]

As long as it was redeposited into the same account or account type and as long as it was done timely (by Aug 31, if distributed earlier in the year), then you mark this as a Rollover. Normally, that would not be eligible for rollover, but this time, it's the same as a rollover.

[qbteachmt]

Oh: that assumes the entire amount was put back. If there is withholding, that needed to be paid in from on hand funds. Or, you have a Partial rollover.

[cherylgolich]

Thanks #qbteachmt