Reporting funds borrowed and replaced from IRA?

38mto · ‎June 6, 2019

I borrowed 10k from IRA and replaced them both in 2017. RMD was 5K. but 1099r shows 15K? I do not want to pay taxes on 15K

macuser_22 · ‎June 6, 2019

Was the 10K returned within 60 days of the distribution?

Did you take the 5K RMD prior to the 10K?

RMD's are always the first money distributed from a IRA and must be taken before any money in excess of the RMD is distributed. Only distributions in excess of the RMD after the RMD has been satisfied is eligible for rollover. The RMD cannot ever be rolled over.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

DawnC0 · ‎June 6, 2019

TurboTax will handle this for you. After you enter your 1099-R, TurboTax will walk you through a series of questions pertaining to your distributions. You will be given an opportunity to indicate what you did with those funds, such as rolling them over, so your taxes are properly calculated. https://ttlc.intuit.com/replies/3300930