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roxmax27
New Member

I withdrew funds from my IRA 11/20 and returned them within 60 days (01/21) so it would not be taxed. It’s been reported as gross distribution, how do I correct this?

Is there a special IRS form I need to use to support this transaction, and would this be considered a rollover?
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2 Replies

I withdrew funds from my IRA 11/20 and returned them within 60 days (01/21) so it would not be taxed. It’s been reported as gross distribution, how do I correct this?

After entering 1099-R you must look for and click on the CONTINUE button.

I withdrew funds from my IRA 11/20 and returned them within 60 days (01/21) so it would not be taxed. It’s been reported as gross distribution, how do I correct this?

After you enter the 1099-R in Federal > Wages and Income > Retirement, there will be questions. One of them asks about repayments/rollovers.  Note that the TT Income Summary only lists the gross number, and is just FYI.  

 

Since the two transactions spanned two tax years, be sure to keep documentation in case of an IRS query.

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