If this is an early distribution from a Traditional IRA, then use the following instructions to report the partial rollover of the distribution.
To report the partial rollover for this distribution:
-
click on the "personal income" tab
- When the 2016 income summary screen comes up, scroll down to "retirement plans and social security".
- click "update" next to "IRA, 401(k), pension plans (1099R)"
- "your 1099R entries" screen will appear.
- click on "edit" next to the appropriate 1099R entry
- navigate through the screens until you get to the screen that says, "what did you do with the money?"
- choose, "I moved the money to another retirement account"
- then they give you several choices
- choose, "I did a combination of rolling over, converting, or cashing out the money"
- then it will say, "tell us how much of the distribution you moved to an IRA, 401(k) or other retirement account"
- then you will type the amount of rollover distribution into one of these two boxes:
- "amount rolled over to the same retirement account or to a different retirement account"
- "amount converted to Roth IRA"
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 information. https://www.irs.gov/pub/irs-pdf/p590a.pdf
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