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Form 1099-R Gross Distribution needs to be reduced on tax form

A $40k IRA distribution was mistakenly taken out twice.  When discovered within the 60 allowable time period, one of the two was transferred back into the IRA.  Both distributions show up on the Form 1099-R in the taxable gross distribution box.  Fidelity said the form 5498 they will send out in May will show the redeposit into the IRA, but how do I handle this on my 2025 TT return since I don't have any evidence at this time other than the quarterly investment statement?

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3 Replies
MinhT1
Employee Tax Expert

Form 1099-R Gross Distribution needs to be reduced on tax form

This is a partial rollover and it is entered in TurboTax Online like this:

 

  1. Open your tax return
  2. Click on Federal in the left-hand column, then on Wages & Income
  3. Navigate to the list of income categories
  4. Locate the section Retirement Plans and Social Security and click on the arrow on the right
  5. Click Start next to IRAs, 401(k), Pension Plan Withdrawals (1099-R).
  6. Enter your form 1099-R and follow the interview
  7. When you arrive to the page Tell us if you moved the money through a rollover or conversion, click on the radio button I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)
  8. On the next page titled Did you roll over all of this $[amount] (Box 1) to another retirement account?, click on No and enter the amount actually rolled over in the box below.
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Form 1099-R Gross Distribution needs to be reduced on tax form

Thanks.  I have TT Premier and you referenced TT on-line, so I hope it is still the correct steps to take.   Not sure what a radio button is either, but hopefully I'll find it.  Thanks for taking the time to respond.

Form 1099-R Gross Distribution needs to be reduced on tax form

A radio button is just a circle to check on.  Have you already entered the 1099R?  I have the Desktop program too.  It should be the same as the Online version.  Enter the 1099R (or edit it) and go though the screens.  

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