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Mashrum55
New Member

IRA Rollover

I did a distribution from an IRA last January 23. The distribution was for $170,000, and I repaid $150,000 in March 23. I received a 1099R for the distribution but have not received a 5498 yet. How do I correctly report this, so I am not paying taxes on the $150,000 that I repaid as a rollover.

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1 Reply
DanaB27
Expert Alumni

IRA Rollover

If you returned the funds within 60 days then please follow these steps to enter the rollover:

 

  1. Open you return in TurboTax 
  2. Click "Federal Taxes" on the top and select "Wages & Income"
  3. Click "I'll choose what to work on"
  4. Scroll down and click "Start" next to "IRA, 401(k), Pension Plan (1099-R)
  5.  Enter the information from your 1099-R
  6. Answer questions until you get to “What Did You Do With The Money” and choose “I moved it to another retirement account
  7. Then choose “I did a combination of rolling over, converting, or cashing out money.” and enter the amount of $150,000 next to "Amount rolled over to another (or back to the same) retirement account
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