I took a distribution from my Rollover IRA, and returned the entire amount as a contribution within 60 days. However, I still see the entire amount reported on the 1099-R as taxable. How should I correct this so I don't get taxed for that amount?
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After you have entered your form 1099-R, when you get back to the Summary page of your 1099-R entries, click Continue and follow the TurboTax interview.
After a few screens, you'll arrive at the What did you do with the money screen. You will answer that you rollovered the money (see screenshot).
After you have entered your form 1099-R, when you get back to the Summary page of your 1099-R entries, click Continue and follow the TurboTax interview.
After a few screens, you'll arrive at the What did you do with the money screen. You will answer that you rollovered the money (see screenshot).
Thank you so much for the prompt response. Should I also update Box 2a Taxable Amount: to $0?
No, enter the 1099-R exactly as printed. The box 2a value just means that the plan administrator didn't know what you were going to do with it.
Do what Minh says, and you should see the box 1 amount on line 4c, the word ROLLOVER next to it, and nothing in line 4d (unless you gad other distributions that were taxable).
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