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RMD repaid

cean1963
Level 1

how is a RMD repaid entered in ProSeries

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6 Replies 6
Just-Lisa-Now-
Level 15
Level 15

Use the rollover section of he 1099R worksheet.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Sharon Feinberg
Level 1

What about when I client pays back a partial RMD but not the full amount? How do you record that?

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Sharon Feinberg
Level 1

Also the partial amount isn't rolling over into the 8606. Maybe with the above suggestion it will but I haven't gone there yet. Thanks for any help you can offer.

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qbteachmt
Level 15

You have a Partial Rollover. The amount of the RMD they kept is as if that is the only part they took, because that is what they kept.

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M-
Level 1

Do I understand correctly:  If, say, a $4,000 RMD was distributed with $1,000 withheld for Federal Income Tax and $3,000 going to the recipient, and the recipient re-deposited the full $4,000, then I should check the box for Line B1 "Entire distribution rolled over" in the section Rollovers, Roth Conversions, etc.?  Doing that does not reduce the amount owed on the return from the result when just the 1099-R distribution had been entered.  This was from a Beneficiary IRA with 1099-R Distribution Code 4 (Death) marked.  Does that make a difference?

Thank you for any help you can give.

 

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qbteachmt
Level 15

"and the recipient re-deposited the full $4,000, then I should check the box for Line B1 "Entire distribution rolled over" in the section Rollovers,"

Yes, if the person "made up the missing amount" with funds already on hand. The same Gross that was taken out, was put back.

"This was from a Beneficiary IRA with 1099-R Distribution Code 4 (Death) marked. Does that make a difference?"

@M- 

Oh; this is not your topic, is it? Every Detail matters.

From Form 8915-E instructions: "Exceptions. You cannot repay the following types of distributions.1.Qualified 2020 disaster distributions received as a beneficiary (other than a surviving spouse)."

It always helps to read the instructions.

 

Also expand the first part, here: https://www.irs.gov/newsroom/coronavirus-relief-for-retirement-plans-and-iras

 

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