topic IRA Withdraw and Repayment - 2023 in Get your taxes done using TurboTax

IRA Withdraw and Repayment - 2023

bps2001 — Wed, 11 Feb 2026 04:40:36 GMT

I withdrew $18K from a traditional IRA in Feb 2023 and repaid the same $18K in March 2023 back into the same IRA account. I received a 1099-R from the brokerage firm indicating that entire $18K is taxable (Box 2a) even though the $18K was repaid within 30 days. TurboTax (CD) says the repayment is classified as "excess contributions" ($10.5K) for CY23. How can I avoid a taxable event?

Re: IRA Withdraw and Repayment - 2023

DoninGA — Sat, 03 Feb 2024 00:38:55 GMT

After completing entry of the Form 1099-R there will be a screen which asks what you did with the money. You need to select that you put the money back into another or the same tax deferred retirement account.

Re: IRA Withdraw and Repayment - 2023

VolvoGirl — Sat, 03 Feb 2024 00:40:26 GMT

And don't enter it under Deductions as a new IRA contribution. Only enter them from the 1099R forms.

Re: IRA Withdraw and Repayment - 2023

bps2001 — Sat, 03 Feb 2024 00:43:46 GMT

Many thanks for the timely response - I appreciate the guidance.

Re: IRA Withdraw and Repayment - 2023

bps2001 — Sat, 03 Feb 2024 00:44:29 GMT

Thank you for the timely response - I appreciate the advice.