1099R

[twaffle]

We paid back $32,000 to our IRA within 30 days of taking it out.  They said it wouldn't be taxable if it was paid back within 30 days.  When we got our IRA, the $32,000 was included in the gross distribution and taxable amount.  The box taxable amount not determined was checked.  My husband called them right away when we received the 1099R and asked why the $32,000 was included on the 1099R when we paid back the money within the 30 day timeframe.  They said to tell our accountant and they would know how to handle it on our taxes and take the $32,000 off.  I am unsure how to do it on Turbo Tax.  The only thing that I can think of doing is to actually subtract it out of box 1 gross distribution before I enter it into Turbo Tax, and actually subtract it out of box 2 taxable amount before I enter it into Turbo Tax.  But that doesn't seem right because that wouldn't match the form that the IRS gets.

I personally think they should have to issue is a corrected 1099R.  What do you think?

[Bsch4477 · Accepted solution]

The 1099-R is fine and should be entered just as you see it. If you have started to report it, delete the form and start all over. Now when you are asked about it being a RMD answer NO.  Now you will be able to tell the program that the distribution was rolled over and the amount will not be taxed. 

[twaffle]

the total gross distribution is $73,908.  and we paid back $32,000.  So will they ask how much was rolled over?

[twaffle]

and what's a RMD?😁

[Bsch4477 · Accepted solution]

Yes. It will ask how much was returned. RMD is required minimum distribution. 

[twaffle]

Thanks, it worked!!

[hasamuels]

PLEASE SEND ME THE 2021 1099R Tax form to [email address removed]

[DoninGA]

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@hasamuels wrote:

PLEASE SEND ME THE 2021 1099R Tax form to [email address removed]

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TurboTax cannot send a Form 1099-R.  You have to contact the plan administrator for the account to request the Form 1099-R or go to the website for the plan and the 1099-R may be available.