I made a withdrawal from a retirement IRA in 2018 but I did not use it all and deposited the excess back into the IRA. Can I deduct the reinvestment?

[mlb0620]

The fund manager said I need to pay taxes on THE NET AMOUNT but can I change the amount on the 1099-R?

[SweetieJean]

Did you redeposit within 60 days?

[DanaB · Accepted solution]

No,  you will have to enter the 1099-R as shown on the form. 

1. Click on the Search box on the top and type “1099R”.   
2. Click on “Jump to 1099R”
3. Answer “Yes” on the “Your 1099-R” screen, then select “Continue”. If you land on the “Your 1099-R Entries” screen instead, select “Add Another 1099-R”.
4. Select how you want to enter your 1099-R (import or type it in yourself)

If you deposited the money back within 60 days then please answer the questions after entering the 1099-R like below to indicate a rollover:

1. Answer questions until you get to “What Did You Do With The Money” and choose “I moved it to another retirement account”
2. Then choose “did a combination of rolling over, converting, or cashing out the money” and enter the amount.

If it wasn't within 60 days please be aware that amounts contributed to a replacement IRA after that 60-day deadline are treated the same as a new IRA contribution subject to the $5,500 ($6,500 if age 50 or older) limit.

[mlb0620]

If you mean "Find" and not "Search" box (not one on my program) I do not see a choice "Jump to 1099R. If I open another 1099R do you mean a totally new 1099 on my return?  Won't that increase my liability?

[DanaB]

If you have more than one 1099-R then you have to click on "add another a 1099-R" if you only have one 1099-R then this does not apply to you. Yes, if you use TurboTax Download/Desktop then the box will have a "Find", in TurboTax Online it's "search". Here are instructions how to get to the 1099-R section without the "find" box:
1. Click "Personal Income" on the top
2. Click "I'll choose what to work on"
3. Scroll down and click "Start" next to "IRA, 401(k), Pension Plan (1099-R)" 
4. Answer "Yes" to the question "Did You Have Any of These Types of Income?"
5. Click "I'll Type it Myself"
6. Choose "Form 1099-R, Withdrawal of Money from 401(k) Retirement Plans, Pensions, IRAs, etc."
7. Click "Continue" and enter the information from your 1099-R