589240
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes - One Big Beautiful Bill on Aug 6! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

andycarl
New Member

We withdrew $25,000 from a IRA 7/12, 8/22 $25,000 was funded back into the IRA from a Roth IRA, How do I confirm that the $25,000 is not being taxed?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

We withdrew $25,000 from a IRA 7/12, 8/22 $25,000 was funded back into the IRA from a Roth IRA, How do I confirm that the $25,000 is not being taxed?

After you enter the Traditonal IRA 1099-R in Wages and Income, Retirement; there are questions. One of them asks about rollovers/repayments.

The TT Income Summary will still show just the gross amount; that is only FYI. Look at the actual tax return.

View solution in original post

10 Replies

We withdrew $25,000 from a IRA 7/12, 8/22 $25,000 was funded back into the IRA from a Roth IRA, How do I confirm that the $25,000 is not being taxed?

Please explain.  You cannot fund a Traditional IRA with Roth IRA money.
andycarl
New Member

We withdrew $25,000 from a IRA 7/12, 8/22 $25,000 was funded back into the IRA from a Roth IRA, How do I confirm that the $25,000 is not being taxed?

I The Internal Revenue Service considers return of funds to the account within 60 days a tax-free rollover.
andycarl
New Member

We withdrew $25,000 from a IRA 7/12, 8/22 $25,000 was funded back into the IRA from a Roth IRA, How do I confirm that the $25,000 is not being taxed?

I verified that Turbo is treating it as a taxable amount by deleting 25,000 from the 1099 and it changed from owing $ to getting a refund

We withdrew $25,000 from a IRA 7/12, 8/22 $25,000 was funded back into the IRA from a Roth IRA, How do I confirm that the $25,000 is not being taxed?

Oh, so the 7/12 withdrawal was from a Traditional IRA?
andycarl
New Member

We withdrew $25,000 from a IRA 7/12, 8/22 $25,000 was funded back into the IRA from a Roth IRA, How do I confirm that the $25,000 is not being taxed?

Yes,
andycarl
New Member

We withdrew $25,000 from a IRA 7/12, 8/22 $25,000 was funded back into the IRA from a Roth IRA, How do I confirm that the $25,000 is not being taxed?

Could  Box 7 of 1099-R show wrong code? 1099 Distribution code 7 (Normal distribution)

We withdrew $25,000 from a IRA 7/12, 8/22 $25,000 was funded back into the IRA from a Roth IRA, How do I confirm that the $25,000 is not being taxed?

I am confused. You took money out of a Trad IRA, then from a Roth IRA, and then put money back into the Trad IRA. Why didn't you just take the money from the Roth in the first place?

Were you supposed to take a Required Minimum Distribution (age 70.5+) in 2017?
andycarl
New Member

We withdrew $25,000 from a IRA 7/12, 8/22 $25,000 was funded back into the IRA from a Roth IRA, How do I confirm that the $25,000 is not being taxed?

Timing of liquidating stocks in IRA required taking from Roth, no RMD for 2017.
andycarl
New Member

We withdrew $25,000 from a IRA 7/12, 8/22 $25,000 was funded back into the IRA from a Roth IRA, How do I confirm that the $25,000 is not being taxed?

I re-entered the 1099 info and confirmed the refund amount up top. Solved!  Thks

We withdrew $25,000 from a IRA 7/12, 8/22 $25,000 was funded back into the IRA from a Roth IRA, How do I confirm that the $25,000 is not being taxed?

After you enter the Traditonal IRA 1099-R in Wages and Income, Retirement; there are questions. One of them asks about rollovers/repayments.

The TT Income Summary will still show just the gross amount; that is only FYI. Look at the actual tax return.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question