How do I show a short term IRA rollover on my taxes?

Forum|Forum|7 years ago
June 1, 2019
3 replies
62 views

My wife and I each took out a short term rollover from our traditional IRA's in order to make a home purchase. They both were paid back within 60 days. How do I show this on my taxes?

TurboTax Self Employed Online

Best answer by MichaelL1

You would report the 1099R's exactly as you received it,

Then you would answer after the 1099R entry that it was rolled into another or same IRA. Then it will not be taxed on the return.

Tax impact will be zero, after both are entered and all questions answered correctly.

To enter pension and annuity Payments (1099-R)

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Retirement Plans and Social Security
On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

MichaelL1Answer

Level 15

You would report the 1099R's exactly as you received it,

Then you would answer after the 1099R entry that it was rolled into another or same IRA. Then it will not be taxed on the return.

Tax impact will be zero, after both are entered and all questions answered correctly.

To enter pension and annuity Payments (1099-R)

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Retirement Plans and Social Security
On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

jbubr59

Level 2

I am told by my Fidelity contact that I need to file a 1099R and corresponding 5498 to create a revenue neutral transaction in Turbotax for a one week withdrawal from my IRA. When I tried to enter the corresponding 5498 transaction, TT will NOT let me do that since it says I had zero (0) income in 2020. Help please.

MaryK4

Level 15

You must enter the 1099-R first- this will shoe the distribution. In the follow-up questions, you can indicate how much you rolled over (from the 5498) and TurboTax will do the rest

When you roll over a retirement plan distribution, you generally don’t pay tax on it until you withdraw it from the new plan. By rolling over, you’re saving for your future and your money continues to grow tax-deferred.

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