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Return of RMD--what docs for 2020 returns
Old 01-22-2021, 07:47 PM   #1
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Return of RMD--what docs for 2020 returns

Does anyone have any insight to what documentation is required for the RMD amounts?
I just got my 1099R and it only shows the withdrawal. Nothing noted about it being returned.
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Old 01-22-2021, 10:47 PM   #2
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Generally you will want to keep an records related to the distributions and any repayments you have made.

Did you receive an RMD from an IRA in 2020? Did you return some or all of it within 60 days of each RMD distribution? For money that you returned after 60 days, was any of that money returned prior to August 31, 2020?

Generally, you will report the entire distribution amount from box 1 of the 1099-R on line 4a of your Form 1040. Any repayments that qualify for the exception (were made within 60 days of the distribution or before 8/31/20) should be listed on line 4b of your Form 1040. You should also write "ROLLOVER" in the space next to line 4b.

I'm not sure, but you may receive a Form 5498 in May showing the repayments as a rollover, which is how they are being treated by the IRS.
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Old 01-22-2021, 10:57 PM   #3
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Quote:
Originally Posted by SecondCor521 View Post
Generally you will want to keep an records related to the distributions and any repayments you have made.

Did you receive an RMD from an IRA in 2020? Did you return some or all of it within 60 days of each RMD distribution? For money that you returned after 60 days, was any of that money returned prior to August 31, 2020?

I'm not sure, but you may receive a Form 5498 in May showing the repayments as a rollover, which is how they are being treated by the IRS.
Yes to RMD in 2020 and 90% returned to IRA prior to 8/31/20. Already got 1099 R with the withdrawal. Did not intend to return the balance
Wasn't sure about method to show funds returned and your comments clarified.
Really have not seen much discussion when I searched on "RMD return"
Thanks
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