topic Re: 1099R in Retirement tax questions

1099R

Sherri77 — Fri, 03 Jul 2020 15:47:34 GMT

I withdrew $23,000 from my retirement account which i then rolled over half of it within the time limit. My 1099 R came through as the entire $23000. Form 5498 not being issued until Aug 31. Should I file an extension until 5498 is issued or file with the correct amounts on the return now.

Re: 1099R

VolvoGirl — Fri, 03 Jul 2020 15:52:32 GMT

No you don't need to wait for the 5498. Just enter the 1099R and answer the follow up questions.

Re: 1099R

dmertz — Fri, 03 Jul 2020 16:03:02 GMT

There is no need to wait for Form 5498 if you know the amount rolled over. Enter the Form 1099-R as received, indicate that you moved the money to another retirement account, then indicate the amount rolled over. TurboTax will include the entire gross distribution on Form 1040 line 4a (if the distribution was from an IRA) or line 4c (if the distribution was from a qualified retirement plan), but include on line 4b or 4d, respectively, only the portion not rolled over. TurboTax will also include the word ROLLOVER next to the line.

Of course if you are unsure of the amount rolled over, you could request a filing extension by July 15 and wait for the Form 5498 to be sure you are entering the correct amount as the amount rolled over.

Re: 1099R

Sherri77 — Fri, 03 Jul 2020 15:59:56 GMT

Thank you so much, that was what I was hoping for!!

Re: 1099R

Sherri77 — Fri, 03 Jul 2020 16:00:37 GMT

Thank you so much for the help. Made my life a lot easier!!