Roth IRA Distribution 1099-R

[techie353]

Recently I tried to do a Roth IRA transfer from company A to eTrade. It was recommended I call company A and do a Roth IRA distribution and then wire the funds to eTrade who will code this as a Rollover contribution. I believe there is a 60 day penalty free withdrawal. Company A will generate a 1099-R. Do I need to do anything come time to report taxes to show the IRS this money went back into Roth IRA within 60 days?

[MarilynG1 · Accepted solution]

Yes, when you enter the 1099-R you receive, TurboTax will ask what you did with the funds when you add it to your tax return for 2024.  You can indicate the disposition (and timeframe) in the follow-up questions. 

If you type '1099-R' in the Search area, and 'Jump to 1099-R' you can run through the scenario in TurboTax.

Here's more details on How to Enter a 1099-R and  Box 7 Codes on Form 1099-R.