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kbacon123
New Member

I withdrew funds from my IRA but reinvested within 60 days. How do I record the reinvestment?

 
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2 Replies

I withdrew funds from my IRA but reinvested within 60 days. How do I record the reinvestment?

First you must enter the Form 1099-R that you received for the withdrawal. 

After completing entry of the 1099-R you will be presented with several other screens asking questions concerning the withdrawal.  One of those screen will asked what you did with the money.  You need to select that you moved the money to another retirement account or back to the same account.

 

To enter, edit or delete a form 1099-R -

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Retirement Plans and Social Security
On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

 

Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R

 

On the screen Did you get a 1099-R in 2023? Click on Yes

On the next screen click on Continue

On the screen Let's import your tax info Click on Change how I enter my form

On the screen How do you want to add your 1099‑R? Click on Type it in myself

On the screen Who gave you a 1099-R? select the type of 1099-R you received and Continue

DaveF1006
Expert Alumni

I withdrew funds from my IRA but reinvested within 60 days. How do I record the reinvestment?

Here is specifically how to enter.

 

  • Open or continue your return.
  • In the Federal section, select Wages & Income.
  • Scroll to locate Retirement Plans and Social Security.
  • Select Start or Revisit next to IRA, 401(k), Pension Plan Withdrawals (1099-R)
  • Continue through the screens to import or enter your 1099-R form.
  • When asked Tell us if you moved the money through a rollover or conversion select I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days) and select Continue.
  • On the next screen, Did you roll over all of this (Box 1) to another retirement account? answer Yes, I rolled over to an IRA or other retirement account (or returned it to the same account) and select Continue.

@kbacon123 

 


 

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