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Level 2
posted Mar 24, 2023 11:53:00 AM

1099-R Doesn't Show Rollover

I took a distribution from my IRA retirement fund (I'm over 70) and put most of it back into the same IRA within 60 days. My 1099-R shows (line 2a) shows all of it as taxable. When I am doing my taxes in TurboTax, I am able to put in the amount that was a rollover. My question is: does the IRS need more documentation on this? My IRA statements show the amount that was a rollover (and it is stated as such on my statement).

 

thanks

0 2 249
2 Replies
Expert Alumni
Mar 24, 2023 12:08:32 PM

No, you shouldn't need more documentation. The IRS will receive Form 1099-R and Form 5498 showing the rollover from your financial institution. Please make sure you keep your documents for your records.

 

If you entered your Form 1099-R and indicated in the follow-up questions it was a rollover it will show rollover on line 4 of Form 1040 and be non-taxable. That's all the IRS needs.

 

  1. Login to your TurboTax Account 
  2. Click on "Search" on the top right and type “1099-R”
  3. Click on “Jump to 1099-R” and enter your 1099-R
  4. Continue "Tell us if you moved the money through a rollover or conversion" and select "I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)"
  5. Continue answering the questions.

Level 2
Mar 24, 2023 12:43:08 PM

Thanks!

 

My financial institution said it won't have Form 5498 available until May, after I file my taxes...