Form 1099-R is used by custodians to report distributions from retirement plans, profit-sharing plans, individual retirement arrangements, annuities and pensions, among others. Not if you made the redeposit on time (technically a “rollover” permitted under new tax rules that apply only to 2020 RMDs). The second part is the rollover, which calls for a contribution report on Form 5498 (in this case, the RMD rollover). Due to the timing of the CARES Act’s waiver of 2020 RMDs, early bird RMD-ers would have been unable to undo their 2020 RMDs without relief. If you have you run across a similar situation with your RMD or Form 1099-R, tell me your story at forbes@juliejason.com.

Source: Forbes January 24, 2021 14:26 UTC