I borrowed funds from my SEP retirement account but received a 1099 R for those funds even though I paid them back within 60 days?

[KittyM · Accepted solution]

Your custodian is required to issue a 1099-R to you any time you withdraw funds from your IRA.  You will record your 1099-R in TurboTax and then report it as a "rollover."

To do this,

• In your open Federal Return, select Wages & Income
• Scroll down to Retirement Plans and Social Security and Show more
• Start or Revisit IRA, 401(k), Pension Plan Withdrawals (1099-R)
• Edit your entered 1099-R or Add a 1099-R
• Continue through the interview until you reach the screen What Did You Do With The Money From [name]?
• Select the first radio button [name] moved the money to another retirement account (or returned it to the same retirement account).