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I withdrew $30K from an IRA and deposited $30K back into the same account in < 90 days, thus creating no tax event. How do I reflect repayment in TurboTax Deluxe?

 
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Accepted Solutions
dmertz
Level 15

I withdrew $30K from an IRA and deposited $30K back into the same account in < 90 days, thus creating no tax event. How do I reflect repayment in TurboTax Deluxe?

This is a rollover.  Enter the Form 1099-R as received under Wages & Income -> Retirement and Social Security -> IRA, 401(k), Pension Plan Withdrawals (1099-R).  In the questions that follow, indicate that you moved the money to another retirement account (or returned it to the same account), then indicate the amount rolled over.  TurboTax will exclude the amount rolled over from the amount on Form 1040 line 4b and will include the word ROLLOVER next to the line.

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4 Replies
dmertz
Level 15

I withdrew $30K from an IRA and deposited $30K back into the same account in < 90 days, thus creating no tax event. How do I reflect repayment in TurboTax Deluxe?

The rollover deadline is 60 days from the date of the distribution, not 90 days.  Did you complete the rollover by the 60-day deadline?

I withdrew $30K from an IRA and deposited $30K back into the same account in < 90 days, thus creating no tax event. How do I reflect repayment in TurboTax Deluxe?

Yes. My typo error. Embarrassing. Withdrawal was 9/5, deposit was 11/1.
dmertz
Level 15

I withdrew $30K from an IRA and deposited $30K back into the same account in < 90 days, thus creating no tax event. How do I reflect repayment in TurboTax Deluxe?

This is a rollover.  Enter the Form 1099-R as received under Wages & Income -> Retirement and Social Security -> IRA, 401(k), Pension Plan Withdrawals (1099-R).  In the questions that follow, indicate that you moved the money to another retirement account (or returned it to the same account), then indicate the amount rolled over.  TurboTax will exclude the amount rolled over from the amount on Form 1040 line 4b and will include the word ROLLOVER next to the line.

I withdrew $30K from an IRA and deposited $30K back into the same account in < 90 days, thus creating no tax event. How do I reflect repayment in TurboTax Deluxe?

Thank you. That's it!  A detailed, correct reply that is much appreciated.

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