I took a distribution from my IRA for 100K to cover downpayment to bridge 2 homes. I repaid 90K within 30 days. The 1099-R still shows 100K, how do I do this on my form?

[alan-entheoshear]

I should only be paying 10% penalty on 10K and taxes on 10K but the 1099-R is showing the full amount of 100K.  I am uncertain where to mark it to show that repayment.

[DoninGA]

After you have completed entry of the Form 1099-R the program will ask you a series of questions.  One will be What did you do with the money?  You need to select that you returned the money to the same retirement account.  The following screens will let you enter the amount that was rolled over.

[JohnB5677]

Yes, we do provide for that in the program.

This IRS rule allows you to take money out of your traditional IRA and use it for any reason as long as you return the full amount before the end of 60 days. 

You're allowed to do this once per 12-month period.

To Post a 1099-R, and replace funds within 60 days.

Log into TurboTax

1. Under Federal
2. Select Wages & Income
3. Scroll to and select IRA, 401(k), Pension Plan Withdrawals (1099-R)
4. Now Edit or Add another 1099-R
5. Enter your Broker or plan administrator information.
6. Follow the interview to post the 1099-R as it is.
7. Continue the interview to Tell us if you moved the money through a rollover or conversion
8. Select I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)
9. Did you roll over all of this $100,000.00 (Box 1) to another retirement account?
10. Select No, I rolled over less than $100,000.00.