bumbacat
Returning Member

TT NOT DEDUCTING IRA PUT BACKS WITHIN 60 DAYS OF WITHDRAWAL.

TT IS NOT ALLOWING A CREDIT FOR AMOUNTS RETURNED TO THE IRA WITHIN 60 DAYS OF WITHDRAWAL.  TT SAYS OUR LEVEL OF "EARNINGS" MAKE ANY IRA CONTRIBUTIONS NOT DEDUCTIBLE FOR TAX PURPOSES.  THE 1099R SHOWS GROSS WITHDRAWALS, NOT TAKING INTO ACCOUNT THE PUT BACKS.  HOW DO WE RECEIVE CREDIT IN 2021 FOR AMOUNTS RETURNED BEFORE THE 60 DAYS EXPIRED?  EVEN IF WE RECEIVED A 5498, WE WANT TO DEDUCT AMOUNTS RETURNED TO REDUCE TAX LIABILITY.  PLEASE HELP.  NETTING THE ACTUAL 1009R AMOUNT WITH WHAT WE PUT BACK WOULD WORK, BUT WOULDN'T THAT RAISE FLAGS WITH THE IRS (IE AMOUNT REPORTED DOESN'T MATCH 1099R AS REPORTED BY BANK)?