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cjw63fun
New Member

If I took a distribution of $2,300 in August of 2018 from my IRA, within the 60 day time frame I redeposited the $2,300, where do I show the $2,300?

I am already retired so I know that I cannot take this deduction, however I should not have to pay taxes or pay a penalty on this contribution.

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Accepted Solutions
dmertz
Level 15

If I took a distribution of $2,300 in August of 2018 from my IRA, within the 60 day time frame I redeposited the $2,300, where do I show the $2,300?

Enter the 2018 Form 1099-R under Wages & Income -> Retirement and Social Security -> IRA, 401(k), Pension plan withdrawals (1099-R) and in the follow-up indicate the you moved the money to another retirement account and that you rolled over all of the money.  TurboTax will include the entire $2,300 on Form 1040 line 4a but will exclude it from the amount on line 4b.  TurboTax will also include the word ROLLOVER next to the line.

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3 Replies
dmertz
Level 15

If I took a distribution of $2,300 in August of 2018 from my IRA, within the 60 day time frame I redeposited the $2,300, where do I show the $2,300?

Enter the 2018 Form 1099-R under Wages & Income -> Retirement and Social Security -> IRA, 401(k), Pension plan withdrawals (1099-R) and in the follow-up indicate the you moved the money to another retirement account and that you rolled over all of the money.  TurboTax will include the entire $2,300 on Form 1040 line 4a but will exclude it from the amount on line 4b.  TurboTax will also include the word ROLLOVER next to the line.

If I took a distribution of $2,300 in August of 2018 from my IRA, within the 60 day time frame I redeposited the $2,300, where do I show the $2,300?

And if you entered it as a "contribution" on the Deductions&Credits page, go back to that section and zero that out. It was not a contribution
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
cjw63fun
New Member

If I took a distribution of $2,300 in August of 2018 from my IRA, within the 60 day time frame I redeposited the $2,300, where do I show the $2,300?

Thank you so much for both answers they were very helpful!
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