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Level 2

Solved

60-day Rollover

Forum|Forum|4 years ago
February 8, 2022
1 reply
19 views

I withdrew money from my IRA for a downpayment on a new home. I returned it within 60 days ,so it is considered a 60-day rollover. Where do I document that? I did not see any questions regarding that option. Now I get a screen that it is an excessive contribution.

Best answer by VolvoGirl

Where do I find those interview questions?

When you enter the 1099R. Keep going to the end of the 1099R section. There should be several followup questions for it.

Enter a 1099R under

Federal Taxes Tab or Personal (Home & Business)

Wages & Income at the top

Then scroll way down to Retirement Plans and Social Security,

Then IRA, 401(k), Pension Plans (1099R) - click Start or Revisit

If you are filing a Joint return be sure to pick which person it is for.

Don't enter the bank or broker name and don't try to import it. It is just as fast and easy to manually enter it. At the bottom pick - Change How I enter my Form

Then on the next screen pick I'll Type it in Myself

Level 15

Why did you enter it as a contribution? It doesn't go there. Delete it from there.

Only enter the 1099R. Then it should ask what you did with it. Say you rolled it over. What code is in box 7 on the 1099R?

BrRiAuthor

Level 2

I returned a partial amount of what is on the 1099-R. Some of it was a retirement distribution.

The code is 7

Level 15

there is a section for the RMD amount. enter that.

if you rolled over only the excess of the distribution over the RMD.

then you enter the difference as a partial rollover.

Mike9241