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suecq516714
New Member

How do I report mistakenly opened rollover IRA brokerage account? Funded with current year after tax money and withdrew back to bank account 2 wks later. Received 1099r.

How do I report this? Mistakenly opened a rollover IRA brokerage account instead of a Roth brokerage account. Funded with current year after tax money by electronic bank transfer. Withdrew this amount by transferring back to bank account 2 weeks later. Received 1099r. 

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DS30
New Member

How do I report mistakenly opened rollover IRA brokerage account? Funded with current year after tax money and withdrew back to bank account 2 wks later. Received 1099r.

Just report the distribution from the 1099-R for the 2 weeks in the IRA account as a rollover distribution.

Because you received a 1099-R, the IRS will also have received a copy of this 1099-R. You will need to report this 1099-R distribution on your tax return but none of it will be taxable. Just make sure that when you are reporting this information into TurboTax that for the question "What Did You Do With The Money From (your retirement fund)?", answer "I moved the money to another retirement account (or returned it to the same retirement account)" (see screenshot)

To enter 1099-R information in TurboTax, log into your tax return (for TurboTax Online sign-in, click Here and click on "Take me to my return") type "1099r" in the search bar then select "jump to 1099r". TurboTax will guide you in entering this information.

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DS30
New Member

How do I report mistakenly opened rollover IRA brokerage account? Funded with current year after tax money and withdrew back to bank account 2 wks later. Received 1099r.

Just report the distribution from the 1099-R for the 2 weeks in the IRA account as a rollover distribution.

Because you received a 1099-R, the IRS will also have received a copy of this 1099-R. You will need to report this 1099-R distribution on your tax return but none of it will be taxable. Just make sure that when you are reporting this information into TurboTax that for the question "What Did You Do With The Money From (your retirement fund)?", answer "I moved the money to another retirement account (or returned it to the same retirement account)" (see screenshot)

To enter 1099-R information in TurboTax, log into your tax return (for TurboTax Online sign-in, click Here and click on "Take me to my return") type "1099r" in the search bar then select "jump to 1099r". TurboTax will guide you in entering this information.

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