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cincibill
Returning Member

I borrowed and repaid a loan from my IRA within the the 60 day window, Where do I post the repayment?

Where do I enter an IRA loan repayment in Turbo Tax?
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2 Replies

I borrowed and repaid a loan from my IRA within the the 60 day window, Where do I post the repayment?

When you enter the 1099-R, there will be a comment about owing tax and penalties, and a page listing situations where you can reduce your tax and penalties.  One of those situation will be "rolled over to the same or different IRA within 60 days".  Check that box. 

MinhT1
Employee Tax Expert

I borrowed and repaid a loan from my IRA within the the 60 day window, Where do I post the repayment?

If the repayment is within the 60 day window, this qualifies as a rollover.

 

This is how to you enter 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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