topic How do I report a rollover IRA distribution in Turbo Tax? I withdrew IRA funds but redeposited them within 60 day to avoid tax penalty. Thank you in Retirement tax questions

How do I report a rollover IRA distribution in Turbo Tax? I withdrew IRA funds but redeposited them within 60 day to avoid tax penalty. Thank you

denewton01 — Mon, 15 Mar 2021 21:01:59 GMT

The IRS guidelines say to write Rollover on Line 16 of the 1040 to avoid tax penalties. How do I do this in Turbo Tax? Thank you

Re: How do I report a rollover IRA distribution in Turbo Tax? I withdrew IRA funds but redeposite...

MaryK4 — Mon, 15 Mar 2021 21:19:59 GMT

After you enter your 1099-R, look for the screen "Tell us if you moved the money through a rollover or conversion" - when you enter the amount, TurboTax will report the ROLLOVER on the tax return.

In general, you may repay all or part of the amount of a coronavirus-related distribution to an eligible retirement plan, provided that you complete the repayment within three years after the date that the distribution was received. If you repay a coronavirus-related distribution, the distribution will be treated as though it were repaid in a direct trustee-to-trustee transfer so that you do not owe federal income tax on the distribution.

Re: How do I report a rollover IRA distribution in Turbo Tax? I withdrew IRA funds but redeposite...

Kimberly-D- — Mon, 27 Feb 2023 14:09:37 GMT

MaryK4, where is the "screen "Tell us if you moved the money through a rollover or conversion" - when you enter the amount, TurboTax will report the ROLLOVER on the tax return."? I have a very similar situation and I have entered and deleted the information from my 1099-R form numerous times and have yet to find this screen or options.

I've done my taxes with Turbotax for years and I am at the point where I feel my only recourse for this issue is to make an appointment for an in-person tax preparation service.

Please assist!

Thank you!!

Re: How do I report a rollover IRA distribution in Turbo Tax? I withdrew IRA funds but redeposite...

KrisD15 — Mon, 27 Feb 2023 14:50:41 GMT

You would first enter under

"Retirement Plan and Social Security"

"IRA, 401(k), Pension Plan Withdrawals (1099-R)"

Yes

"I'll type it in myself"

"Form 1099-R, withdrawal of money from 401(k) retirement plans, pensions, IRSs etc."

Choose the owner of the 1099-R if applicable

Continue

Code in Box 7 should be 1

Continue through several screens to "What Did You Do With The Money?

Select the top option "moved the money to another retirement account"

Choose "Rolled over" from the drop-down if that was what you did.

The screen may look different depending on whether you use Desktop or Online