☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 4, 2019 7:07:34 PM

How can a $60,000 withdrawal from a traditional IRA that later has a return of $10,000 deposit, result in an excess contribution at age 73?

0 2 492
1 Best answer
Level 15
Jun 4, 2019 7:07:35 PM

None of this is to be reported under Deductions & Credit.  Remove whatever you entered there.  Only enter the Form 1099-R under Wages & Income (or Personal Income) -> Retirement Plans and Social Security -> IRA, 401(k), Pension Plan Withdrawals (1099-R) and answer the follow-up questions to indicate that you move the money to another retirement account (or returned it to the same account) and indicate that you rolled over $10,000.

2 Replies
Level 15
Jun 4, 2019 7:07:35 PM

None of this is to be reported under Deductions & Credit.  Remove whatever you entered there.  Only enter the Form 1099-R under Wages & Income (or Personal Income) -> Retirement Plans and Social Security -> IRA, 401(k), Pension Plan Withdrawals (1099-R) and answer the follow-up questions to indicate that you move the money to another retirement account (or returned it to the same account) and indicate that you rolled over $10,000.

Level 15
Jun 4, 2019 7:07:40 PM

If the $60,000 was a RMD then it is not eligible for rollover.  Only an amount that exceeds the RMD is.