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Level 1

I am planning on repaying a portion of or all of a $30,000 IRA distribution before the 60 day "loan period" expires. I have received a 1099-R for the full $30,000.

Schwab told me they'll send me a modified document showing repayment after April 15th.
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Level 1

I am planning on repaying a portion of or all of a $30,000 IRA distribution before the 60 day "loan period" expires. I have received a 1099-R for the full $30,000.

Once the loan is repaid, you can enter the distribution reported on the 1099-R. After entering that information, proceed through the interview until you reach the screen that asks what did you do with the money.  Check the first box, and more boxes will appear for you to report the repayment (see attached screenshot).  

4 Replies
Level 1

I am planning on repaying a portion of or all of a $30,000 IRA distribution before the 60 day "loan period" expires. I have received a 1099-R for the full $30,000.

Once the loan is repaid, you can enter the distribution reported on the 1099-R. After entering that information, proceed through the interview until you reach the screen that asks what did you do with the money.  Check the first box, and more boxes will appear for you to report the repayment (see attached screenshot).  

Level 1

I am planning on repaying a portion of or all of a $30,000 IRA distribution before the 60 day "loan period" expires. I have received a 1099-R for the full $30,000.

Thanks, this is exactly what I needed, thanks so much!
Level 1

I am planning on repaying a portion of or all of a $30,000 IRA distribution before the 60 day "loan period" expires. I have received a 1099-R for the full $30,000.

Does the IRS need additional documentation in the form of a note attached to the return for this type of transaction? Or do the TT documents have some kind of note added when you efile?
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Level 3

I am planning on repaying a portion of or all of a $30,000 IRA distribution before the 60 day "loan period" expires. I have received a 1099-R for the full $30,000.

There is no attached screenshot.... would you be able to provide again ? Thanks