IRA/401k withdrawals & redeposits. with 60 day time limit and once per year - can you make two withdrawals, 30 days apart and redeposit both within 60days from the first?

[dmertz]

If only one of these was an IRA-to-IRA rollover, yes, you are permitted to do both rollovers.  Rollovers to or from a 401(k) are not subject to the one-per-year limit.  That limit only applies to the total of traditional IRA-to-traditional IRA rollovers and Roth IRA-to-Roth IRA rollovers.

[johngimbel]

I withdrew $155,000 from my traditional IRA and redeposited that same amount , $155,000 to the same IRA within 60 days.

My 1099 does not reflect the redeposit. In filing with TurboTax I entered the Gross Distribution per the 1099 and manually entered the Taxable Amount with the redeposit subtracted from the Gross Distribution. TurboTax is now carrying the entire Gross Distribution as taxable income and of course calculated the tax due by including the $155,000 amount as income. Please advise what to do.

[dmertz]

jonhngimble, you've entered this incorrectly.  You must enter the Form 1099-R exactly as received.  In the follow-up, indicate that you moved the money to another retirement account (or returned it to the same account), then indicate the amount rolled over.  The gross amount will appear on Form 1040 line 4a but the amount rolled over will be excluded from any taxable amount on line 4b.  TurboTax will also include the word ROLLOVER next to line 4b.

[1jetlag]

What do you mean by entering information in the follow-up?

[Irene2805]

You can indicate that you returned your distribution to your IRA, in the screens that follow the 1099-R entry screen.  Please follow these steps:

TurboTax Online

1. Click on Federal > Wages & Income.
2. Scroll down to the Retirement Plans and Social Security section and click on the Start/Revisit box next to IRA, 4701(k), Pension Plan Withdrawals (1099-R). 
3. If you've already entered one (or more) 1099-Rs, you will see a screen Your 1099-R Entries.  Click the Edit link next to the 1099-R you wish to review.   
4. On the screen, Tell us if you moved the money through a rollover or conversion, mark the radio button,  I rolled over some or all of it to an IRA... and click Continue.
5. A few screens after the 1099-R input screen, you should see a screen, What Did You Do With The Money From 401k institution?  Mark the radio button next to I moved the money to another retirement account (or returned it to the same retirement account).  
6. On the next screen, Did you rollover the gross amount of $XX (Box 1)...  mark the appropriate radio button and click Continue.

TurboTax CD/Download

1. Click Federal Taxes > Wages & Income > I'll choose what I work on
2. Scroll down to the Retirement Plans and Social Security section and click on the Start/Revisit box next to IRA, 4701(k), Pension Plan Withdrawals (1099-R). 
3. If you've already entered one (or more) 1099-Rs, you will see a screen Your 1099-R Entries.  Click on the Edit link next to the 1099-R you wish to review.   
4. A few screens after the 1099-R input screen, you should see a screen, What Did You Do With The Money From this Payer?
5. Mark the radio button next to moved the money to another retirement account (or returned it to the same retirement account.
6. In the next section, mark the radio button next to the appropriate  selection [moved it all or did a combination…]
7. If you selected combination, a box will appear to enter the amount you rolled over or converted.  Click Continue.
8. Continue through the rest of the interview.

@1jetlag

[dmertz]

The follow-up is the series of questions that TurboTax presents after clicking the Continue button on the page where you enter the details from the Form 1099-R provided by the payer.