Took a distribution of $12,000 from SEP IRA. Repaid $6,000 within the 60 day window. How reflect this in tax return? 1099-R shows only $12,000.

[SusanY1]

You will enter the Form 1099-R exactly as you have received it showing the full $12,000 distribution.  After entries are complete in this section of TurboTax you will continue to an interview section where you will be afforded the opportunity to indicate that you rolled over a portion.

You will then only be taxed on the portion that you did not roll over.  

[Bsch4477 · Accepted solution]

When you report the $12,000 with code 1 in box 7 of your 1099-R you will be presented with a window asking if you moved the money into another retirement account. Answer yes, even though it is the same account. Continue with the interview. 

[rattled66]

Thank you very much!

Steve Brock

[rattled66]

Thank you very much, Susan!