Form 5498 and 1099R

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I withdrew funds from my IRA and returned the funds in less than 60 days. The investment company sent me a 1099 R showing the withdrawal and the total amount as taxable. They also sent a 5498 showing my contribution. How do I report this transaction?

Forms

MinhT1

Alumni - Intuit

The amount that you repaid to your IRA account is considered as a rollover to the same account and is not taxable.

Enter your form 1099-R normally. 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. Enter the amount repaid as a rollover and it will be excluded from taxation.

You will still have the credit for taxes withheld shown on your form 1099-R.

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VolvoGirl

Level 15

You don't enter the 5498. Just enter the 1099R. If you had taxes withheld did you add them back in when you returned the funds?

Enter a 1099R under
Federal Taxes on left
Wages & Income at the top

Then scroll way down to Retirement Plans and Social Security
Then IRA, 401(k), Pension Plans (1099R) – Click Start

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

It's just as fast and easier to manually enter your W2 or 1099. Don't type the bank name or try to import it.
At the bottom pick - Change How I enter my Form

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