You'll need to sign in or create an account to connect with an expert.
If you did not indicate that it was a rollover, you would be taxed on it. There is a follow-up question after you enter the 1099-R.
I took a disbursement and rolled most of it back to my IRA within 60 days. I noted on the Turbotax question that it was a partial rollover. There was no option to show the rollover as being done in 60 days. Now it shows that the amount rolled back into the IRA is being taxed as an "excess contribution" though it is not a contribution. It is a rollover. I don't think this is correct but don't see how to address it.
You must have entered it as a new IRA contribution under Deductions. Do not enter it there, delete it. Only enter it from the 1099R, nowhere else.
I only entered it from the 1099R - and I indicated the portion that was a rollover. There was no follow up question as to the 60 days though so that rollover is still showing as an excess taxable contribution.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Weaversqhi
New Member
chinyoung
New Member
TMM322
Level 2
ilenearg
Level 2
waynelandry1
Returning Member