I repaid an IRA distribution within 60 days. where do I enter this information?

[ThomasM · Accepted solution]

After you enter your 1099-R into TurboTax, you'll be asked some questions about the distribution.  One of these questions will be What did you do with the money?  You'll check the box saying you moved it to another retirement account (or returned it to the same account).  Then you'll be asked how much of it you put back, and you'll say all of it.

Those two answers will result in the distribution not being taxed.

You'll find the entry section by following this pathway:  Federal Taxes > Wages & Income > Retirement Plans & Social Security > IRA, 401k, Pension Plan Withdrawals (Form 1099-R).

[prdawson]

I have entered my 1099R amount into TurboTax 2019.  I choose Continue...My 2019 Turbo Tax does not ask me what I did with the money on my 1099 R.  It only asks me if I took a Qualified Distribution in 2016...and 2017.  It then asks me if I repaid a Hurricane Distribution in 2019.

My situation...I took a distribution in January 2019 and repaid it within 60 days. When and how do I get to the question you indicate in your previous answer.   Thank you for any help you can provide.

[LinaJ2020]

There is a screen where asks you that question.  See the image below:

To return to edit your 1099-R information, here are the steps:

In TurboTax online,

• Sign in to your TurboTax account and select Pick up where you left off
• At the right upper corner, in the search box, type in "1099r" and Enter
• Select Jump to 1099r
• Follow prompts

@prdawson

[pete64]

why am i geting reajet

[MarilynG1]

Click this link for more info on Fixing a Rejected Return.

If you can provide more info about the error you received, we will try to help you.

[asta2]

My wife and I  took a loan from our respective IRAs.  My withdrawal included an rmd amount. Both l and my wife paid loan back within 60 days.   AI understand 5498 is filed by custodian in May.  How do I report my 1099 R ??/ 

[LindaS5247]

You should enter your Form 1099-R as it is shown.  The codes in Box 7 are important as they tell what kind of distribution was made.

After you enter your 1099-R into TurboTax, you'll be asked some questions about the distribution. 

 One of these questions will be What did you do with the money?  You'll check the box saying you returned it to the same account). 

 Then you'll be asked how much of it you put back, and you'll say all of it. 

However,  if you received an RMD, that is generally taxable (a return of basis or qualified distribution from a ROTH IRA, would be tax free).

Those two answers will result in the loan distribution not being taxed.

Here's where to enter your 1099-R in TurboTax:

1. Open or continue your return.
2. In the Federal section, select Wages & Income.
3. Scroll to locate Retirement Plans and Social Security.
4. Select Start or Revisit next to IRA, 401(k), Pension Plan Withdrawals (1099-R).

You can also find the 1099-R section using Search. Open your return, enter 1099-r in the search bar, and select the Jump to 1099-r link.

The total amount of your RMD is taxed as ordinary income at your personal federal income tax rate. State taxes may also apply.
 

Click here for information on entering a Form 1099-R into TurboTax.