Please, remove the $5,000 from the contribution section:
- Login to your TurboTax Account
- Click on the Search box on the top and type “IRA contributions”
- Click on “Jump to IRA contributions” and you should see the “Traditional IRA and Roth IRA” screen.
The return of money will be entered in the 1099-R section, after you entered the 1099-R TurboTax will ask you if you rolled over some of the money. Here you are able to enter the amount your paid back.
- Click on the Search box on the top and type “1099-R”
- Click on “Jump to 1099-R” and you should see the “Your 1099-R Entries” screen and click "edit" next to the 1099-R
Please be aware that the question in regards to Coronavirus-related withdraws are not ready yet since the Form 8915-E, that reports the Coronavirus-related relief measures for retirement plan distributions, has not yet been finalized by the IRS. Therefore, the questions in regards to this relief are currently not available in the 1099-R section.
No date has been given by the IRS for the finalization of this document. TurboTax will update this section after the IRS releases the final version of form 8915-E and its instructions.
For additional information see: IRS Coronavirus-related relief for retirement plans and IRAs
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