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jxezzell
New Member

I took $29761.90 out of my Prudential IRA rollover. I put back $15000 within the alloted time for replacement. How do I get credit for the $15,000 ?

 
1 Best answer

Accepted Solutions
AndreaG
New Member

I took $29761.90 out of my Prudential IRA rollover. I put back $15000 within the alloted time for replacement. How do I get credit for the $15,000 ?

To report the IRA distribution and partial rollover:

  • log in to your Turbo Tax account
  • click on "take me to my return"
  • click on the "federal taxes" tab
  • click on "wages and income"
  • choose "show more" and "see list of all income"
  • scroll down to "retirement plans and social security"
  • cick on "start" or "revisit" next to "IRAs, 401(k), etc"
  • enter the information exactly as it appears on your Form 1099R
  • Turbo Tax will ask you some questions about this distribution:
    • When you get to the screen that says, "what did you do with the money?", choose: "moved to another retirement account"
    • After you make this choice, more options will appear: choose: "did a combination of rolling over, converting, or cashing out the money"
    • After you make this choice, it will say, "tell us how much of the distribution you moved to an IRA, 401(k), or other retirement account". then indicate, "amount that was rolled over to another (or back to the same) retirement account"
  • Next you will see the following screen: "your 1099R entries". scroll to the bottom and click "continue" for any additional questions that might be asked about your distribution.

Please be aware that according to page 23 of pub 590A under the heading, "waiting period between rollovers", that "generally if you make a tax free rollover of any part of a distribution from a Traditional IRA, you cannot within a 1 year period, make a tax free rollover of any later distribution from that same IRA. You also cannot make a tax free rollover of any amount distributed, within the same 1 year period, from the IRA, into which you made the tax free rollover. The 1 year period begins on the date that you receive the IRA distribution, not on the date you roll it over into an IRA". 

"However, trustee to trustee transfers between IRAs are NOT limited and rollovers from Traditional IRAs to Roth IRAs (conversions) are NOT limited". 

Please refer to page 21 under the heading, "trustee to trustee transfer" and pages 23-24 of pub 590A under the headings, "rollover from one IRA into another", "waiting period between rollovers", "example", "application of one rollover per year limitation",  and "example" for additional informationhttps://www.irs.gov/pub/irs-pdf/p590a.pdf

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11 Replies
AndreaG
New Member

I took $29761.90 out of my Prudential IRA rollover. I put back $15000 within the alloted time for replacement. How do I get credit for the $15,000 ?

To report the IRA distribution and partial rollover:

  • log in to your Turbo Tax account
  • click on "take me to my return"
  • click on the "federal taxes" tab
  • click on "wages and income"
  • choose "show more" and "see list of all income"
  • scroll down to "retirement plans and social security"
  • cick on "start" or "revisit" next to "IRAs, 401(k), etc"
  • enter the information exactly as it appears on your Form 1099R
  • Turbo Tax will ask you some questions about this distribution:
    • When you get to the screen that says, "what did you do with the money?", choose: "moved to another retirement account"
    • After you make this choice, more options will appear: choose: "did a combination of rolling over, converting, or cashing out the money"
    • After you make this choice, it will say, "tell us how much of the distribution you moved to an IRA, 401(k), or other retirement account". then indicate, "amount that was rolled over to another (or back to the same) retirement account"
  • Next you will see the following screen: "your 1099R entries". scroll to the bottom and click "continue" for any additional questions that might be asked about your distribution.

Please be aware that according to page 23 of pub 590A under the heading, "waiting period between rollovers", that "generally if you make a tax free rollover of any part of a distribution from a Traditional IRA, you cannot within a 1 year period, make a tax free rollover of any later distribution from that same IRA. You also cannot make a tax free rollover of any amount distributed, within the same 1 year period, from the IRA, into which you made the tax free rollover. The 1 year period begins on the date that you receive the IRA distribution, not on the date you roll it over into an IRA". 

"However, trustee to trustee transfers between IRAs are NOT limited and rollovers from Traditional IRAs to Roth IRAs (conversions) are NOT limited". 

Please refer to page 21 under the heading, "trustee to trustee transfer" and pages 23-24 of pub 590A under the headings, "rollover from one IRA into another", "waiting period between rollovers", "example", "application of one rollover per year limitation",  and "example" for additional informationhttps://www.irs.gov/pub/irs-pdf/p590a.pdf

avilutis
New Member

I took $29761.90 out of my Prudential IRA rollover. I put back $15000 within the alloted time for replacement. How do I get credit for the $15,000 ?

rollover doesn't work -- no change in taxes showed

VolvoGirl
Level 15

I took $29761.90 out of my Prudential IRA rollover. I put back $15000 within the alloted time for replacement. How do I get credit for the $15,000 ?

This is a new forum layout. Some posts that have June 2019 dates are really older posts from the old forum that got moved over. So they might be for prior years and not current info. When they migrated over the dates got changed to June 2019. And the screen shots got deleted. 

 

What are the the details of your question?  Doesn't it say ROLLOVER by the taxable amount on line 4b or 5b?

alangowitz
New Member

I took $29761.90 out of my Prudential IRA rollover. I put back $15000 within the alloted time for replacement. How do I get credit for the $15,000 ?

I had a similar problem, and it was caused by me telling TurboTax that the distribution was a minimum required distribution.  When I changed that answer, the taxes were computed correctly.

MarciaJ720
Returning Member

I took $29761.90 out of my Prudential IRA rollover. I put back $15000 within the alloted time for replacement. How do I get credit for the $15,000 ?

This is my EXACT situation and I cannot get TurboTax Premier to reflect it.  There is no place to enter Form 5498 (which TurboTax says it doesn't take).  Mine was $20,031 and I paid back $14,000 of it.

What is the problem?

SamS1
Expert Alumni

I took $29761.90 out of my Prudential IRA rollover. I put back $15000 within the alloted time for replacement. How do I get credit for the $15,000 ?

You need to be in forms mode to review the 1099R and indicate it was a rollover.  While in your return in Desktop:

 

  1. In the upper right hand corner Select "Forms"
  2. Now in the left hand column of the screen, select the 1099R form you are working on
  3. Review your input then scroll down the screen to the Rollover, Conversions, Recharaterizations section.
  4. There you can enter the rollover distribution  amounts.
  5. To return to Step-By-Step, select in the upper right hand corner.

While in Forms Mode review the forms listing for red !. You will need to correct these in order to efile.

 

 

 

 

 

MarciaJ720
Returning Member

I took $29761.90 out of my Prudential IRA rollover. I put back $15000 within the alloted time for replacement. How do I get credit for the $15,000 ?

I tried that and what I got was a negative amount on my 1040 for my IRA withdrawal.  My income was in the poverty range which I know is not correct.

My problem I think arises from the fact I paid income tax with half my withdrawal.  Turbo Tax doesn't like that I did this so I gave up.  It only made $329 difference in the end so I gave up (I have too much money being refunded to waste anymore time on this glitch).

Would have been nice if Turbo Tax simply had the ability to enter form #5498.  Oh well.

MarciaJ720
Returning Member

I took $29761.90 out of my Prudential IRA rollover. I put back $15000 within the alloted time for replacement. How do I get credit for the $15,000 ?

When I do these EXACT steps, Turbo Tax puts a NEGATIVE $14,000 into my income section on the 1040, subtracting from my total income.  It still says my gross RMD IRA distribution amount is $20,031 but my net after my rollover back into the account should be $6,031 in income (not a reduction of $14,000).

This is a glitch in Turbo Tax.  This is NOT a number I can override either.

If I lie and put my 1099-R in with a taxable amount of the correct amount, it works, but then my 1099-R does not match with what is being sent to the IRS.  So, I'll get some kind of rejection letter from the IRS in the next year.


SamS1
Expert Alumni

I took $29761.90 out of my Prudential IRA rollover. I put back $15000 within the alloted time for replacement. How do I get credit for the $15,000 ?

Enter the 1099R exactly as received.  Is this a Roth IRA?  How much is the box 2a amount?  What is the code in box 7.   I ran your scenario with:

  • Box 1 - 20031
  • Box 2a - 20031
  • Box 2b - X
  • Box 7 - 7
  • IRA box - X
  • RMD - 0 (No RMD for 2020)
  • Rollover - 14000

Taxable on the 1040 is 6031.

MarciaJ720
Returning Member

I took $29761.90 out of my Prudential IRA rollover. I put back $15000 within the alloted time for replacement. How do I get credit for the $15,000 ?

I have an inherited IRA (regular IRA from my mom).  I forced the numbers and now my return is correct.  I tried it the way you suggested but I kept getting a negative $14,000 in my taxable part of my IRA withdrawal.  I don't know what I did but I finally got the correct taxable number of $6,031 to show up with the gross distribution being $20,031 as well
.
It is an unusual situation.  Consider this one closed.  

dennis-bosch
Level 1

I took $29761.90 out of my Prudential IRA rollover. I put back $15000 within the alloted time for replacement. How do I get credit for the $15,000 ?

SamS1 answer on 03/14/21 was a life-saver for me by needing to go into forms mode (who knew); I had a partial rollover of an IRA and a conversion to a Roth IRA.

SamS1,.... you are the MAN!! Thank you.

 

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