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fhillblom
New Member

I paid taxes on my early withdraw of retirment but I paid back the money in full within 60 days

how do I account for this as the questions don't appear to accommodate this scenario
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Accepted Solutions
Hal_Al
Level 15

I paid taxes on my early withdraw of retirment but I paid back the money in full within 60 days

Enter the 1099-R, exactly as received, including the withholding in box 4. The follow up interview will ask what you did with the money. Say you rolled it over to another plan (putting the money back is technically a rollover). That will make none of it taxable. TurboTax will put the entire amount on line 16a of form 1040 and 0 as the taxable amount on line 16b. The word rollover will also appear on line 16 (line 12 of form 1040A)

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3 Replies
Hal_Al
Level 15

I paid taxes on my early withdraw of retirment but I paid back the money in full within 60 days

Did you also pay back the part that was withheld for tax?
What kind of retirement plan was it?
Did you get a 1099-R?
fhillblom
New Member

I paid taxes on my early withdraw of retirment but I paid back the money in full within 60 days

yes I paid the amount back in FULL including what was withheld for tax and yes I received a 1099-R form
Hal_Al
Level 15

I paid taxes on my early withdraw of retirment but I paid back the money in full within 60 days

Enter the 1099-R, exactly as received, including the withholding in box 4. The follow up interview will ask what you did with the money. Say you rolled it over to another plan (putting the money back is technically a rollover). That will make none of it taxable. TurboTax will put the entire amount on line 16a of form 1040 and 0 as the taxable amount on line 16b. The word rollover will also appear on line 16 (line 12 of form 1040A)

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