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New Member
posted Jun 3, 2019 1:52:30 PM

My IRA in Puerto Rico was distributed to me and I rolled it forward into another IRA in the US within 60 days. How do I enter this transaction? Also, I have $6102.18 withheld taxes

the taxes withheld are in PR. I assume I need to file a PR return because of the taxes withheld. but Im not quite sure how I need to report this in my US return

0 2 1209
2 Replies
Intuit Alumni
Jun 3, 2019 1:52:33 PM

To enter the information from your 1099-R in TurboTax, and indicate that you rolled over the distribution, please follow these steps:

  1. Click on Federal Taxes > Wages & Income  [In TT Self-Employed:  Personal > Personal 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).  [See Screenshot #1, below.]
  3. If you've already entered one (or more) 1099-Rs, you will see a screen Your1099-R Entries.  Click on the link Add Another 1099-R.   [Screenshot #2]
  4. If you haven't already entered a 1099-R, you will see the screen, Your 1099-R. Click Yes and then Continue.
  5. You can either import your 1099-R or click on the I'll type it in myself box.  [Screenshot #3]
  6. Be sure to include the federal tax withheld in box 4 on the 1099-R entry screen.
  7. A few screens after the 1099-R entry screen you will see a screen, What Did You Do With The Money From This Payer?  Mark the button [You] moved the money to another retirement account (or returned it to the same retirement account).  [Screenshot #4]
  8. In the Choose which of the following applies section, select the appropriate answer.  In your case it sounds like the first option applies: [You] rolled over all of this money to an IRA or other retirement account (or returned it to the same account). 
  9. Click Continue.
You should get an acknowledgement screen that the rollover will not be taxed.  [Screenshot #5]





New Member
Mar 25, 2022 3:33:52 PM

This is a great answer...if the question was about a distribution from a US IRA...HOWEVER, since the question was about a distribution from a Puerto Rican IRA, I believe that your answer is incorrect.  I do not believe that you can rollover a PR IRA into a new US based IRA.

 

You might be able to make a current year contribution that would offset some of the income from the PR IRA distribution, but that would be subject to the usual limits relating to IRA contributions (Earned Income, Employer Plan coverage income limits, etc).

 

Larry Massey, CPA

Folsom, CA