Early distribution of IRA and returned money within month. What form do we need to complete to get this taken off income on Form 1040

[jftann]

goy a form1099 R with box 7 code 1 , and when this was inputed into turbos tax put the amount on Form 1040 as additional taxableincome.  the distribution was paid back within a month (this was from Fidelity Investments and was told that there would not be a penalty if returned within 60 days)  it was returned within 30

[ThomasM · Accepted solution]

After you enter the 1099-R distribution into TurboTax, you'll be asked What did you do with the money from Fidelity? You'll check the box that says I moved the money to another retirement account (or returned it to the same retirement account).

Then an additional window will appear asking you to choose from 3 responses.  You'll select the first response, I rolled over all of this money to anther traditional IRA or other retirement account (or returned it to the same account).

TurboTax will then list the distribution as a rollover and you'll pay no tax or penalty on it.