1099

Forum|Forum|6 years ago
February 12, 2020
2 replies
1 view

I already filed my taxes and forgot I had an ira that matured and I just put it in savings. Can I put it in another ira before April and be okay.

Texas Roger

Level 15

When you take a distribution from an IRA, you have 60 days to roll the IRA distribution over into another IRA. If it has been longer than 60 days, you can't roll it over any longer. If you were under age 59 1/2 when you took it, you will have to pay a 10% early withdrawal penalty in addition to the taxes owed on the full distribution. You should have received a 1099-R which you must enter on your tax return.

ReginaM

Level 12

If it has been over 60 days since your IRA matured, you will need to file an amended return (1040X) by following these steps:

Make sure that your 2019 return was accepted in TurboTax Online or paper-filed through the mail by the IRS.

To prepare an amended return through TurboTax, follow these steps:

Sign in to TurboTax.
Scroll down to Your tax return & documents (you may need to select Show), select 2019 and then Amend (change) return.
Select Amend using TurboTax Online.
Carefully follow the instructions. Don't worry if your refund changes to $0. This is normal on amended returns.
When finished, we'll give you instructions for printing and mailing your amended return as amendments can't be e-filed.