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1099-R 1,000 was taken out of IRA account, but replaced within the 30 days. This means he should not have to pay taxes on this amount as there was no pentalty. How do I apply this?

 
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MargaretL
Expert Alumni

1099-R 1,000 was taken out of IRA account, but replaced within the 30 days. This means he should not have to pay taxes on this amount as there was no pentalty. How do I apply this?

All you have to do is enter form 1099-R into TurboTax and answer follow-up questions. You will be asked if you moved money to a retirement account; just select Yes, when prompted.

  1. Federal Taxes
  2. Wages and Income
  3. Scroll down to Retirement Plans and Social Security
  4. Select IRA, 401(k), Pension Plans (1099-R) - follow the prompts

 

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