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How to Amend after Retirement Deduction that was Paid Back?

Forum|Forum|6 years ago
March 25, 2020
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I was filing taxes for a family member who did not tell me at the time they took a dedcution from their retirement and then paid it back within the 60 day window. We filed based on the documents she had and then in May there was a form 5498 which showed the rollover contribution. This created a tax due that should be refunded. Do I change the 1099 on the amended return which would not match or is there a place to add the 5498 numbers in the amended return to get the refund?

Best answer by DaveF1006

When you say deduction, do you mean distribution? If she took a distribution and paid it back, it is a rollover within the 60 day period.

When you prepare the amendment, go to federal>wages and income>retirement plans and social security
go to IRA, pension plans (1099R) and select update.
Select edit next to to 1099R, which reports the distribution
Scroll through the screens until you reach a screen that asks "what did you do with the money from this payer?/"
Here is where you will indicate that the money was returned to the same account.

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DavidD66

Are you saying that on the original return you reported a taxable distribution from an IRA and now need to amend to report it as a rollover? Otherwise there would be no need to amend the return.

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D

dcarr777Author

Correct, I reported the info on the 1099 as I was not told it was returned and now looking to amend it to get the family member their payment back since it was returned in the 60 day window. Not sure how to make the change on the amended return?

DaveF1006Answer

When you say deduction, do you mean distribution? If she took a distribution and paid it back, it is a rollover within the 60 day period.

When you prepare the amendment, go to federal>wages and income>retirement plans and social security
go to IRA, pension plans (1099R) and select update.
Select edit next to to 1099R, which reports the distribution
Scroll through the screens until you reach a screen that asks "what did you do with the money from this payer?/"
Here is where you will indicate that the money was returned to the same account.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"