I took a Roth distribution of basis on 12/31/19 and am paying it back prior to 60 day window. I'm wondering if/how to reflect that on my 2019 tax return. Thanks!

[cgroth]

Just to be clear, I'm referring to the repayment of it. The distribution of it was already reported on 1099-R and I'm not being taxed on it because it was prior contribution. Thanks.

[macuser_22]

If it was a 2019 distribution the  you should receive a 1099-R by the end of January.

[NOTE: If you took it on 12/31 then there is a good chance that the financial institution rules would not post it until Jan. 2, 2020 in which case it will be a 2020 distribution that will be reported in a year on your 2020 tax return.  Check with the financial institution.]

Enter a 1099-R here:

Federal Taxes,
Wages & Income
I’ll choose what I work on (if that screen comes up),
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR  Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "1099-R" which will take you to the same place.

Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.

If this was a rollover or conversion, answer the question that you moved the money to another retirement account (can be the same account). The screen will open up with choices of where it was moved.


[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]

It will show as income on the summary screen which shows gross income, not taxable income.

The income will be reported on line 4a on the 1040 form with the word “ROLLOVER” next to it if it was a rollover.

The taxable amount will go on line 4b.  In the case of a rollover, that amount will be zero.

[cgroth]

Thanks and sorry I wasn't clear. I want to repay the distribution before the 60 days are up. Do I need to reflect that anywhere on my 2019 return or will that be reflected in my 2020 return? 

[dmertz]

Since the distribution occurred in 2019 the rollover is reported on your 2019 tax return.  You do this by entering the 2019 Form 1099-R (required to be made available to you by the payer by the end of January) into TurboTax and in the follow-up indicating that you moved the money to another retirement account (or returned it to the same account) and indicate the amount rolled over.  It's reported this way even though the rollover within 60 days occurred after the end of 2019.