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I returned $20,000 to my IRA to reduce taxes, but I doesn't show on my 1099

 
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2 Replies

I returned $20,000 to my IRA to reduce taxes, but I doesn't show on my 1099

If you withdrew money from an IRA, you have 60 days to return it without tax consequences.  This is considered a rollover, even if you returned it to the same IRA.  In Turbotax, after entering the 1099-R, you should be given a list of circumstances that might reduce your tax, and one of those options should be rollover.  Indicate that you rolled over part of the distribution. 

ReneV4
Expert Alumni

I returned $20,000 to my IRA to reduce taxes, but I doesn't show on my 1099

You would then report that $20,000 as a "rollover" when entering your 1099-R so that you are not taxed.

 

For instructions on how to complete this rollover, take a look at this article titled, Where do I enter an IRA Rollover?.

 

Note that you only have 60 days after the distribution to complete this rollover.

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