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gazeway
New Member

cannot enter taxable amount for my IRA withdrawal

I withdrew more money (as cash) from my IRA than the RMD amount, and then within the 60 day limit, I returned most of the money above my RMD (as cash) to the IRA . The1099 R  (from my brokerage) shows the full amount on lines 1 and 2a and the "taxable amount not determined" in box 2b. I enter these amounts into the 1099 R in Turbo Tax but there is no way to show the returned funds and the correct taxable amount. My brokerage tells me that they understand and agree that the taxable amount is less than the full amount, but they cannot show this on their 1099 R by IRS rule. How do I enter the correct taxable amount on my 1040. I understand that I will have to include an explanation to the IRS and need to know how to do this as well.

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3 Replies

cannot enter taxable amount for my IRA withdrawal

If it was within the 60 days, after you enter the 1099R it will ask what you did with it. Pick you moved the money to another account even if you put it back into the same account. Then that will expand and you pick I rolled over all this money. Then it will expand to enter how much you rolled over.

gazeway
New Member

cannot enter taxable amount for my IRA withdrawal

Turbo tax does not ask me anything about any return of the withdrawal. It does not even know I did it because there is no place that I can find to tell it that I returned the funds

 

cannot enter taxable amount for my IRA withdrawal

What code is in box 7?  Try deleting the 1099R and enter it again Manually.  That usually fixes it, especially if you imported it.  

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