Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Returned IRA through a CARES rollover

helenlouise
Level 1

My client received a 20201099R showing an IRA distribution with FIT withheld; then she returned the entire distribution and made a QCD of $1500.  How do I enter this information in PRO SERIES?  

I have entered the 1099R from the form, shown the QCD, but don't see where to enter the return of the entire amount, including withholding.

Labels (1)
0 Cheers
7 Replies 7
Accountant-Man
Level 11

Farther down the 1099 R worksheet for rollovers, all or part.

** I'm still a champion... of the world! Even without The Lounge.
0 Cheers
helenlouise
Level 1

I applied all, and the FIT is still on the tax return.  I do I get rid of the withholding?

0 Cheers
dd4vols
Level 9

put -0- on line 4..federal tax withheld.     You didn't have any tax withheld....you sent it back.

If an answer solves your issue, click on the "Accept as Solution" button! Makes it easier for people to find answers to similar questions that have already been posed.
helenlouise
Level 1

If I put zero in tax withheld, it will not agree to the 1099R that was sent to the taxpayer.  Must I request a corrected 1099R?  I think others must have had this issue and Pro Series has incorporated it in the software.  I cannot find the work-a-round.  Any other findings or suggestions.

0 Cheers
qbteachmt
Level 15

You don't need a Corrected 1099-R. The event happened as documented. The first distribution is fine; what the taxpayer did with it is no concern of the issuer of that 1099-R.

You stated this is a covid distribution. Did you use the 8915-E to show the amount Repaid? That form would show the gross.

You cannot get rid of the withholding. That also happened. It is basically the same as any withholding or estimated amount. It doesn't go away, just because the repayment is Gross.

*******************************
"Level Up" is a gaming function, not a real life function.
helenlouise
Level 1

How does the FIT reported on the 1099 get relieved?  Do I override?  Seems as if there should be a way of the program removing it when ALL the IRA distribution was returned.

0 Cheers
qbteachmt
Level 15

FIT doesn't get "relieved." It's part of the client's payments towards the tax return you are working on.

You can start here:

https://proconnect.intuit.com/community/individual/help/proseries-form-1099-r-faq-s/00/4853

and:

https://proconnect.intuit.com/community/retirement-tax-credits-and-deductions/help/generating-form-8...

 

*******************************
"Level Up" is a gaming function, not a real life function.