Ask Terry Questions How to report returned RMD to IRS in 2020

How to report returned RMD to IRS in 2020

By Terry Savage on January 26, 2021 | Financial Planning / Retirement

I took a RMD from my IRA last year and then returned to the same IRA after learning it wasn’t required in 2020. My 1099-R statement shows the RMD amount as a distribution with ‘taxable amount not determined’ checked. Will I have to pay taxes on this amount when I file my taxes or do I not report this distribution?
Thanks

Terry Says

That’s a good question, and I don’t have the answer. I suggest contacting the fund company that issued the 1099 and asking them how THEY are reporting it to the IRS, and whether they filed Form 5498 with the IRS reporting your “contribution” back into the IRA. Read this for more on form 5498 (which the custodian files with the IRS, not you).

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