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How to tell TurboTax about returned IRA distribution under 60 day rule?

 
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2 Replies

How to tell TurboTax about returned IRA distribution under 60 day rule?

When you enter the Form 1099-R make sure you select the IRA/SEP/EIMPLE box since the distribution was  from an IRA.  After completing entry of the 1099-R there will be a series of screens asking further questions.  On the screen asking if this was a Rollover indicate that it was a rollover and continue.

MinhT1
Expert Alumni

How to tell TurboTax about returned IRA distribution under 60 day rule?

This is a rollover. You have to indicate in TurboTax that you did the rollover within the 60-day period.

 

Please read this IRS document for more information.

 

This is how you do it in TurboTax Online:

 

  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)

 

 

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