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I took an early withdraw from my Roth IRA but cancelled it within 48 hours of doing so. I received a 1099-R, but the money is still there I never got it.
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I took an early withdraw from my Roth IRA but cancelled it within 48 hours of doing so. I received a 1099-R, but the money is still there I never got it.
You're allowed to put the money back into the account within 60 days of the distribution (an "indirect rollover") provided you haven't executed a Roth rollover in the previous 12 months (you're limited to one rollover every 365 days, based on date of distribution).
When you enter your 1099-R information into TurboTax, one of the questions you'll be asked is What did you do with the money? You'll check the box saying I moved the money to another retirement account (or returned it to the same retirement account). Then you'll check the next box saying you rolled over all of this money to another Roth IRA (or returned it to the same account).
By answering these two questions telling TurboTax you returned it all to the same account, you won't be taxed or hit with a penalty. You're considered to have taken it out (even though you may not have physically received it) so keep in mind that you now have to wait a year to do any other Roth rollover.
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I took an early withdraw from my Roth IRA but cancelled it within 48 hours of doing so. I received a 1099-R, but the money is still there I never got it.
You're allowed to put the money back into the account within 60 days of the distribution (an "indirect rollover") provided you haven't executed a Roth rollover in the previous 12 months (you're limited to one rollover every 365 days, based on date of distribution).
When you enter your 1099-R information into TurboTax, one of the questions you'll be asked is What did you do with the money? You'll check the box saying I moved the money to another retirement account (or returned it to the same retirement account). Then you'll check the next box saying you rolled over all of this money to another Roth IRA (or returned it to the same account).
By answering these two questions telling TurboTax you returned it all to the same account, you won't be taxed or hit with a penalty. You're considered to have taken it out (even though you may not have physically received it) so keep in mind that you now have to wait a year to do any other Roth rollover.
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