topic I made a withdrawal from a retirement IRA in 2018 but I did not use it all and deposited the excess back into the IRA. Can I deduct the reinvestment? in Retirement tax questions

I made a withdrawal from a retirement IRA in 2018 but I did not use it all and deposited the excess back into the IRA. Can I deduct the reinvestment?

mlb0620 — Tue, 04 Jun 2019 20:34:10 GMT

The fund manager said I need to pay taxes on THE NET AMOUNT but can I change the amount on the 1099-R?

Did you redeposit within 60 days?

SweetieJean — Tue, 04 Jun 2019 20:34:12 GMT

Did you redeposit within 60 days?

No, you will have to enter the 1099-R as shown on the fo...

DanaB — Tue, 04 Jun 2019 20:34:13 GMT

No, you will have to enter the 1099-R as shown on the form.

Click on the Search box on the top and type “1099R”.
Click on “Jump to 1099R”
Answer “Yes” on the “Your 1099-R” screen, then select “Continue”. If you land on the “Your 1099-R Entries” screen instead, select “Add Another 1099-R”.
Select how you want to enter your 1099-R (import or type it in yourself)

If you deposited the money back within 60 days then please answer the questions after entering the 1099-R like below to indicate a rollover:

Answer questions until you get to “What Did You Do With The Money” and choose “I moved it to another retirement account”
Then choose “did a combination of rolling over, converting, or cashing out the money” and enter the amount.

If it wasn't within 60 days please be aware that amounts contributed to a replacement IRA after that 60-day deadline are treated the same as a new IRA contribution subject to the $5,500 ($6,500 if age 50 or older) limit.

If you mean "Find" and not "Search" box (not one on my pr...

mlb0620 — Tue, 04 Jun 2019 20:34:14 GMT

If you mean "Find" and not "Search" box (not one on my program) I do not see a choice "Jump to 1099R. If I open another 1099R do you mean a totally new 1099 on my return? Won't that increase my liability?

If you have more than one 1099-R then you have to click o...

DanaB — Tue, 04 Jun 2019 20:34:16 GMT

If you have more than one 1099-R then you have to click on "add another a 1099-R" if you only have one 1099-R then this does not apply to you. Yes, if you use TurboTax Download/Desktop then the box will have a "Find", in TurboTax Online it's "search". Here are instructions how to get to the 1099-R section without the "find" box:
1. Click "Personal Income" on the top
2. Click "I'll choose what to work on"
3. Scroll down and click "Start" next to "IRA, 401(k), Pension Plan (1099-R)"
4. Answer "Yes" to the question "Did You Have Any of These Types of Income?"
5. Click "I'll Type it Myself"
6. Choose "Form 1099-R, Withdrawal of Money from 401(k) Retirement Plans, Pensions, IRAs, etc."
7. Click "Continue" and enter the information from your 1099-R