My wife and I each took out a short term rollover from our traditional IRA's in order to make a home purchase. They both were paid back within 60 days. How do I show this on my taxes?
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You would report the 1099R's exactly as you received it,
Then you would answer after the 1099R entry that it was rolled into another or same IRA. Then it will not be taxed on the return.
Tax impact will be zero, after both are entered and all questions answered correctly.
To enter pension and annuity Payments (1099-R)
You would report the 1099R's exactly as you received it,
Then you would answer after the 1099R entry that it was rolled into another or same IRA. Then it will not be taxed on the return.
Tax impact will be zero, after both are entered and all questions answered correctly.
To enter pension and annuity Payments (1099-R)
I am told by my Fidelity contact that I need to file a 1099R and corresponding 5498 to create a revenue neutral transaction in Turbotax for a one week withdrawal from my IRA. When I tried to enter the corresponding 5498 transaction, TT will NOT let me do that since it says I had zero (0) income in 2020. Help please.
You must enter the 1099-R first- this will shoe the distribution. In the follow-up questions, you can indicate how much you rolled over (from the 5498) and TurboTax will do the rest
When you roll over a retirement plan distribution, you generally don’t pay tax on it until you withdraw it from the new plan. By rolling over, you’re saving for your future and your money continues to grow tax-deferred.
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