2016 Roth IRA loan

Forum|Forum|7 years ago
June 3, 2019
1 reply
29 views

In 2016 I took a loan from my Roth IRA and repaid within the 60 day window. I received a 1099 on the distribution from the IRA. How do I enter the repayment?

TurboTax Deluxe Windows

Best answer by MichaelL1

You are going to enter the 1099R, and then the questions that follow will ask if it was rolled over or returned to the same account and you will mark that box and then it will ask if all or some of it was, and you will say "all" if that is the case in your situation.

If all was returned within the 60 days, it will be a non-taxable event on the return.

To report it do as follows:

To enter pension and annuity Payments (1099-R)

Click on Federal Taxes
Click on Wages and Income
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

If all was returned within the 60 days, it will be a non-taxable event on the return.

To report it do as follows:

To enter pension and annuity Payments (1099-R)

Click on Federal Taxes
Click on Wages and Income
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

Jim4AUAuthor

Level 3

THANK YOU!!! THANK YOU!!! A MILLION THANK YOU'S!!!! Your answer worked perfectly. I wish all those who answered questions would do it as well as you did!!! THANK YOU!!!