topic 1099-r with 60 day rollover in Retirement tax questions

1099-r with 60 day rollover

Rogowskil — Tue, 16 Mar 2021 16:39:54 GMT

I withdrew money from a IRA and replaced within the 60 day rollover period, My 1099-r shows a normal distribution (7) which makes the withdraw taxable. It should be non taxable. How do I enter data into TT to make it non taxable?

Re: 1099-r with 60 day rollover

MinhT1 — Tue, 16 Mar 2021 17:20:41 GMT

The amount you rolled over within the 60-day period is not taxable.

Enter your form 1099-R by following these steps:

In TurboTax, open your tax return
Click on Federal in the left-hand column, then on Wages & Income on top of the screen
Scroll down to All Income, locate the section Retirement Plans and Social Security and click on Show more
Click Start next to IRAs, 401(k), Pension Plan Withdrawals (1099-R).

After entering your form 1099-R, click Continue until you reach the screen Did [name] repay any of this distribution?. Check the radio button which corresponds to your situation then click Continue and follow the interview. The amount that you enter as a repayment will be excluded from taxation.

@Rogowskil

[Edited 03/16/2021 | 10:20 AM PST]

Re: 1099-r with 60 day rollover

Rogowskil — Tue, 16 Mar 2021 17:01:57 GMT

I don"t get a screen asking for any roll over infor.

Re: 1099-r with 60 day rollover

MinhT1 — Tue, 16 Mar 2021 17:18:38 GMT

The rollover information is entered in the screen Did [name] repay any of this distribution?

See this screenshot:

Re: 1099-r with 60 day rollover

colonylakes — Thu, 17 Feb 2022 16:51:41 GMT

Thank you . This was very helpful with this section.

Re: 1099-r with 60 day rollover

nlions66 — Fri, 27 Jan 2023 00:51:32 GMT

Apparently something changed because I never see that page

Re: 1099-r with 60 day rollover

nlions66 — Fri, 27 Jan 2023 00:56:34 GMT

In the 2022 version I'm using there is no "all income" to scroll down to when you go the wages and income page.

Re: 1099-r with 60 day rollover

DoninGA — Fri, 27 Jan 2023 01:01:25 GMT

@nlions66 wrote:

Apparently something changed because I never see that page

Nothing changed. After you have entered the 1099-R there are several screens asking for more information. Once of the screens asked if you rolled over the distribution to another tax deferred account.

Re: 1099-r with 60 day rollover

nlions66 — Fri, 27 Jan 2023 04:22:02 GMT

Sorry but in my TurboTax Deluxe the only screens that follow are

Did you take any disaster contributions
Any Nondeductible Contributions
Tell Us more about this retirement plan distribution

Thats it. Nothing about a rollover

Re: 1099-r with 60 day rollover

DianeW777 — Fri, 27 Jan 2023 14:54:46 GMT

Continue through the TurboTax interview. The rollover question is coming after the screen with the questions you note. As you continue to the next screen 'Do any of these situations apply to you?' select None, if appropriate and the next screen will ask about the rollover. 'Tell us if you moved the money through a rollover or conversion', (here you will make your selection about the rollover).

See the image below.

TurboTax Desktop -

@nlions66

[Edited: 01/27/2023 | 6:54a PST]

Re: 1099-r with 60 day rollover

nlions66 — Fri, 27 Jan 2023 16:11:15 GMT

Been thru that section a dozen times and never see that. I can't start over without losing all my data entered so far, so I have to either "Visit All" or Update the IRA, 401K, etc entries and neither route gets me to that question.

Re: 1099-r with 60 day rollover

DianeW777 — Fri, 27 Jan 2023 17:48:21 GMT

In your saturation, you should first clear your cache and cookies. It handles many issues that seem nonsensical on a regular basis.

Close your TurboTax return first.

Watch to be sure you are selecting 'all time' as example. Do not use selections like 'last hour' for those browsers that give you options.

How to clear your cache

Once this is complete open your return and select to enter your income.

Select Federal in the left menu and then Wages & Income, OR
Search (upper right) type 1099r> Jump to... link
Begin your entry

Also, you might consider deleting your 1099-R and reentering it. As you can see, I was able to reach the necessary screen in both platforms.

@nlions66

Re: 1099-r with 60 day rollover

Lwgoldstein — Fri, 17 Feb 2023 22:07:38 GMT

Too much was taken out for my Rmd. The excess was put back into my Ira within 60 days. I can’t figure out to show that in TurboTax.

Re: 1099-r with 60 day rollover

Lwgoldstein — Fri, 17 Feb 2023 22:08:43 GMT

I don’t get that question in 2023

Re: 1099-r with 60 day rollover

Lwgoldstein — Fri, 17 Feb 2023 22:09:11 GMT

I don’t get that question in 2022

Re: 1099-r with 60 day rollover

DanaB27 — Sat, 18 Feb 2023 13:58:29 GMT

If you took too much RMD please make sure that you select "Only part of this distribution was a RMD" on the "How much of the $XXXXX was a RMD?" screen and enter the RMD amount. Then you will get the "Tell us if you moved the money through a rollover or conversion" screen that Tax Expert DianeW777 mentions above.

Please follow these steps to enter your 1099-R and rollover of the excess amount withdrawn:

Login to your TurboTax Account
Click on "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R” and enter your 1099-R
Continue until "How much of the $XXXXX was a RMD?" screen and select "Only part of this distribution was a RMD" and enter the amount of RMD.
Continue "Tell us if you moved the money through a rollover or conversion" and select "I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)"
Continue answering the questions.

Please keep in mind you can only rollover the amount above the RMD. You cannot rollover the RMD amount (IRS).

@Lwgoldstein

Re: 1099-r with 60 day rollover

hlahti — Mon, 06 Mar 2023 20:09:48 GMT

There is no option for an indirect rollover in turbo tax on entering the 1099-R. How do you handle this? I have found no answer for this to date.

Re: 1099-r with 60 day rollover

hlahti — Mon, 06 Mar 2023 20:10:19 GMT

this doesnt work in my program

Re: 1099-r with 60 day rollover

JulieS — Mon, 06 Mar 2023 20:34:22 GMT

No, the option for an indirect rollover is not explicitly listed in TurboTax, but everything you need is there.

The questions come up just after the 1099-R entry, here is how to report it:

Select Federal from the left side menu.
Select Wages & Income.
Expand the list and scroll down to Retirement Plans and Social Security.
Expand the section and click Start to the right of IRA, 401(k), Pension Plan Withdrawals (1099-R), or click Review, if you already entered it. (Skip to step 8, if you already entered your 1099-R)
At this point you can import your 1099-R, if it is from one of our partners or, scroll down the bottom and select, Change how I enter my form.
On the next screen, select Type it in myself, in the lower right corner.
Select 1099-R on the next screen and click Continue.
If you have a "1" or "2" in box 7, you will need to watch for the screen titled, "What did you do with the money from (your broker's name)?" Pick the first answer, "I moved the money to another retirement account."
Pick the first answer to the next question, "I rolled over all of this money to an IRA or other retirement account."
Continue through the end of this section. That will show the distribution on your return, but it will not be added to your taxable income.