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izyaslav
New Member

In 2020 I received from my IRA $29,808.20 and then rolled over this $29,808.20 to back to my IRA. Why according to your turbotax I should taxes on $29,808.20?

 
3 Replies
ColeenD3
Employee Tax Expert

In 2020 I received from my IRA $29,808.20 and then rolled over this $29,808.20 to back to my IRA. Why according to your turbotax I should taxes on $29,808.20?

Did you do the rollover within 60 days? What code is in Box 7? Did you say it was a rollover when asked what you did with the money?

 

Go back over your entries and make sure that you answered all the questions correctly.

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jtax
Level 9

In 2020 I received from my IRA $29,808.20 and then rolled over this $29,808.20 to back to my IRA. Why according to your turbotax I should taxes on $29,808.20?

If you took possession of the money and put it back in (within the required time limits, which are very strict), you need to tell TT about that. This FAQ describes how to do that. If it doesn't work for some reason, please ask again.

 

https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-an-ira-rollover/00/26879

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macuser_22
Level 15

In 2020 I received from my IRA $29,808.20 and then rolled over this $29,808.20 to back to my IRA. Why according to your turbotax I should taxes on $29,808.20?

Where are you looking?     It should be on the 1040 form line 4a with zero in 4B and the word ROLLOVER if you did it correctly withing 60 days of the distribution.

 

[NOTE: if the distribution was necessary because of  COVID-19 hardships and you qualify under the CARES Act then  you have 3 years to pay it back and the 60 day rule does not apply, but that is reported in a different way on a 8915-E form.)

 

 

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
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