No, you will just need to report the portion was rolled back into your Roth IRA account when entering your 1099-R
Because you received
a 1099-R, the IRS will also have received a copy of this 1099-R. You will need
to report all of the 1099-R distribution on your tax return even if some rolled back into your Roth account.
If you get a 1099-R
that includes both a rollover (or money put back into the same account) and a
partial distribution, just make sure that when you are reporting
this information into TurboTax that for the question "What Did You Do With
The Money From (your retirement fund)?", answer "I moved the money to
another retirement account (or returned it to the same retirement
account)" (see screenshot) but that you did a combination of rollover and
distribution. Enter the amount of the rollover here.
To enter
your 1099- R in TurboTax Online or Desktop (you may need to upgrade to
report these distributions), please follow these steps:
- Once you are in your tax
return, click on the “Federal Taxes” tab ("Personal" tab in
TurboTax Home & Business)
- Next click on “Wages and
Income” ("Personal Income" in TurboTax Home & Business)
- Next click on "jump to
full list" or “I’ll choose what I work on”
- Scroll down the screen until
to come to the section “Retirement Plans and Social Security”
- Choose "show more",
then IRA, 401(k),Pension Plans (1099-R) and follow the onscreen
instructions
Please note that all distributions will be reported on
your tax return (whether or not they are taxable) on Form 1040 on
line 15(a) (or 16(a) but only the taxable portion will show on your return as
taxable on line 15(b) (or 16(b)).
To preview 1040:
- Sign into https://myturbotax.intuit.com/
- Under Tax Timeline, click on
Continue your return
- Go to "My Account"
> "Tools"
- Under the Tools Center,
select "view tax summary"
- Select "Preview my
1040"
