topic I withdrew funds from a retirement account last year, which I then refunded within 60 days this year. I have a 1099 -R for 2018. Do I record the funds being returned? in Retirement tax questions

I withdrew funds from a retirement account last year, which I then refunded within 60 days this year. I have a 1099 -R for 2018. Do I record the funds being returned?

anon30 — Wed, 01 Jan 2020 21:16:03 GMT

Re: I withdrew funds from a retirement account last year, which I then refunded within 60 days this year. I have a 1099 -R for 2018. Do I record the funds being returned?

DoninGA — Wed, 01 Jan 2020 21:24:40 GMT

Last year? Do you mean 2019? If so, you would be receiving a Form 1099-R in January 2020 for the withdrawal in 2019. And yes you do have to report the withdrawal using the Form 1099-R on your 2019 tax return. There will be a question asked what did you do with the money? You should indicate that you returned the money to the same account.

To enter, edit or delete a form 1099-R -

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Retirement Plans and Social Security
On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R

Re: I withdrew funds from a retirement account last year, which I then refunded within 60 days this year. I have a 1099 -R for 2018. Do I record the funds being returned?

DoninGA — Wed, 01 Jan 2020 21:30:59 GMT

If you did mean that you withdrew the funds in 2018 and returned the funds in 2019 in 60 days or less, that withdrawal should have been reported on your 2018 tax return using the 2018 Form 1099-R that you received.

If you have already filed the 2018 tax return and did not enter the 1099-R on that return, you will have to amend the 2018 tax return to report the withdrawal.

See this TurboTax support FAQ for amending a 2018 tax return originally completed and filed using TurboTax - https://ttlc.intuit.com/community/amending/help/how-do-i-amend-a-return-in-turbotax/01/27579

Re: I withdrew funds from a retirement account last year, which I then refunded within 60 days this year. I have a 1099 -R for 2018. Do I record the funds being returned?

rjs — Wed, 01 Jan 2020 22:30:29 GMT

You do not report returning the funds separately. When you enter the Form 1099-R showing the withdrawal, on your tax return for the year of the withdrawal, you indicate that you returned the money within 60 days. You do that on your tax return for the year of the withdrawal, even if you returned the money in the following year. You do not report anything on your tax return for the year that you returned the money.