If you withdrew the money and wish to put it back into an IRA within 60 days, you will not pay tax on the distribution. When you enter the 1099-R, you will need to indicate in the interview that you actually did so within the time allotted.
If you do not roll it over, you will pay tax at your own tax rate plus a possible 10% penalty for early withdrawal if you are under age 59 1/2.
