How do I record a redeposit within 60 days of a withdrawl from my retirement IRA. the redeposit isnt reflected on my 1099R? I was told it is called an indirect rollover.

[PattiF]

Please follow these steps to enter your 1099-R and RMD rollover:

1. Login to your TurboTax Account
2. Click on the Search box on the top and type “1099-R”
3. Click on “Jump to 1099-R” and enter your 1099-R
4. Continue until "How much was a RMD?" and select "none"
5. Continue "Tell us if you moved the money through a rollover or conversion" and select "I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)"
6. Continue answering the questions.

[dkrich]

The option listed in step 4 does not show up.  Step 5 would then not be an option either.

[PattiF]

These steps may help you record your rollover:

Gross IRA distribution from 1099-R goes in Wages & Income section.

Was this withdrawal an RMD for 2020  >   No

Yes – Moved the money to another retirement account (or returned it to the same retirement account).

Yes – Did a combination of rolling over, converting, or cashing the money.

Amount rolled over to another (or back to the same) retirement account – Enter redeposit amount.

When you finish your return, the net amount will appear on line 4b with the notation Rollover.

[dkrich]

My situation was a direct rollover (code G on line 7).  Still do not see what you are telling me.

[DanaB27]

If this was from an IRA then you will see this question: On the "Did you move the money to a Roth IRA?" screen answer "No". Then TurboTax will know it was rolled over to the same kind of retirement account.

You can verify that the entry is correct please look at form 1040 line 4b (taxable amount), it should show $0 and state ROLLOVER next to it.

To preview Form 1040:

1. Click on "Tax Tools" in the left menu
2. Click "Tools"
3. Click "View Tax Summary" in the Tool Center window
4. Click on "Preview my 1040" on the left

@dkrich

[jimandkathy10]

if this is a return of an RMD, would I indicate yes in the instructions above?

[DanaB27]

Please be aware, that an RMD cannot be rolled over or converted. 

Can you provide more details on what you did? 

@jimandkathy10 

[jimandkathy10]

I have the same question.   I am using Turbo Tax, desktop and the indirect redeposit is reflected in the 5498, not a 1099R.  A 1099R is a distribution, and the direct redeposit also cannot be added as a deduction.  Can anyone help to discover where in the indirect redeposit rollover, lowering the total amount of the distribution is reflected correctly.????

[JulieS]

We'd love to help you complete your tax return, but need more information. Can you please clarify your question?

@jimandkathy10 

You asked about returning an RMD in your first question. If you have a required minimum distribution (RMD), you have to take it and you can't roll it over. If you do that, you will get a tax penalty.

What exactly are you trying to report? Do you have a 1099-R? What happened to the distribution after you received it?

[VolvoGirl]

@jimandkathy10   Did you also get a 1099R?  After you enter the 1099R it will ask what you did with it.  That's where you say you rolled it over (even if back into the same account) and how much.  Just keep going through all the questions wh3n you enter the 1099R.

[jimandkathy10]

1. Received a distribution from  an IRA.

2. Advisor notified us that he had calculated the RMD overstated by $5246.50. We returned that amount within the 60day limits.

3. Received 1099r for the gross or original amount of the RMD, which included the returned amount $5246.50. 

4. Called financial advisor.  It is on a 5498, as a rollover contribution. 

5. I added it in deductions, investment deductions and credits 

       Did you have any retirement contributions or investment expenses for 2023? YES

       Traditional IRA marked yes

       Did I make a contribution to a traditional IRA in 2023? YES

       Is this a repayment of a Retirement Distribution?  YES

       Military Reserves?  NO

       Tell us how much you contributed. 

THIS IS THE AREA THAT I AM STUCK. NOTE indicates rollovers are reported on Form 1099r and are a non taxable transaction.  This is taxable credit for a return.

Thank you for your help.

[VolvoGirl]

No you do not enter it under Deductions & Credits.  It is not a new contribution.   You only enter the 1099R.  And indicate you moved some of it back into the account.  Maybe @dmertz can explain it better.

[DawnC]

You enter the rollover information if any when you enter the 1099-R form into TurboTax.   You should not need to enter anything in the Investment Deductions section.   After you enter the 1099-R, there will be follow-up questions where you will indicate that a portion of the distribution was returned - the rollover portion will not be taxable.    You have to go all the way through the 1099-R section to get to those questions.    What code(s) are in box 7 of your 1099-R?   @jimandkathy10 

[dmertz]

This is all done through the entry of the Form 1099-R.  Go back and remove the entry that you made under Deduction & Credits.

When you enter the Form 1099-R, indicate Yes, some or all of the distribution was RMD, that part of the distribution was RMD and enter the amount of the actual RMD (the gross amount of the distribution reduced by $5,246.50).  On a subsequent page, indicate that you move some or all of the distribution to another retirement account or back to the same account, that you did a combination of rolling over, converting and cashing out, then enter $5,246.50 as the amount rolled over.  TurboTax will exclude the $5,246.50 from your taxable income with the ROLLOVER notation.