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Level 2

Question

1099-r with 60 day rollover

Forum|Forum|5 years ago
March 16, 2021
3 replies
0 views

I withdrew money from a IRA and replaced within the 60 day rollover period, My 1099-r shows a normal distribution (7) which makes the withdraw taxable. It should be non taxable. How do I enter data into TT to make it non taxable?

Level 15

The amount you rolled over within the 60-day period is not taxable.

Enter your form 1099-R by following these steps:

In TurboTax, open your tax return
Click on Federal in the left-hand column, then on Wages & Income on top of the screen
Scroll down to All Income, locate the section Retirement Plans and Social Security and click on Show more
Click Start next to IRAs, 401(k), Pension Plan Withdrawals (1099-R).

After entering your form 1099-R, click Continue until you reach the screen Did [name] repay any of this distribution?. Check the radio button which corresponds to your situation then click Continue and follow the interview. The amount that you enter as a repayment will be excluded from taxation.

[Edited 03/16/2021 | 10:20 AM PST]

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RogowskilAuthor

Level 2

I don"t get a screen asking for any roll over infor.

Level 15

The rollover information is entered in the screen Did [name] repay any of this distribution?

See this screenshot:

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Level 2

Too much was taken out for my Rmd. The excess was put back into my Ira within 60 days. I can’t figure out to show that in TurboTax.

Level 2

There is no option for an indirect rollover in turbo tax on entering the 1099-R. How do you handle this? I have found no answer for this to date.