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February 11, 2022
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IRA Withdrawal and Repayment

  • February 11, 2022
  • 1 reply
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I withdrew funds from my Traditional IRA in December 2021 and I repaid the full amount within 60 days in January 2022.  How do I show this in TurboTax for my 2021 taxes so this is not considered taxable income?

    Best answer by DaveF1006

    Please refer to the following Turbo Tax article posted by awesome agent Irene2805 in the following post. Here are her steps as she outlines in the post.

     

    "TurboTax Online

    1. Click on Federal > Wages & Income.
    2. Scroll down to the Retirement Plans and Social Security section and click on the Start/Revisit box next to IRA, 4701(k), Pension Plan Withdrawals (1099-R). 
    3. If you've already entered one (or more) 1099-Rs, you will see a screen Your 1099-R Entries.  Click the Edit link next to the 1099-R you wish to review.   
    4. On the screen, Tell us if you moved the money through a rollover or conversion, mark the radio button,  I rolled over some of all of it to an IRA... and click Continue.
    5. A few screens after the 1099-R input screen, you should see a screen, What Did You Do With The Money From 401k institution?  Mark the radio button next to I moved the money to another retirement account (or returned it to the same retirement account).  
    6. On the next screen, Did you rollover the gross amount of $XX (Box 1)...  mark the appropriate radio button and click Continue.

     

    TurboTax CD/Download

    1. Click Federal Taxes > Wages & Income > I'll choose what I work on
    2. Scroll down to the Retirement Plans and Social Security section and click on the Start/Revisit box next to IRA, 4701(k), Pension Plan Withdrawals (1099-R). 
    3. If you've already entered one (or more) 1099-Rs, you will see a screen Your 1099-R Entries.  Click on the Edit link next to the 1099-R you wish to review.   
    4. A few screens after the 1099-R input screen, you should see a screen, What Did You Do With The Money From this Payer?
    5. Mark the radio button next to I moved the money to another retirement account (or returned it to the same account).
    6. Below the grey line, click the radio button next to I rolled over all of this money to an IRA or other retirement account (or returned it to the same account).  Click Continue".

    1 reply

    DaveF1006
    DaveF1006Answer
    February 12, 2022

    Please refer to the following Turbo Tax article posted by awesome agent Irene2805 in the following post. Here are her steps as she outlines in the post.

     

    "TurboTax Online

    1. Click on Federal > Wages & Income.
    2. Scroll down to the Retirement Plans and Social Security section and click on the Start/Revisit box next to IRA, 4701(k), Pension Plan Withdrawals (1099-R). 
    3. If you've already entered one (or more) 1099-Rs, you will see a screen Your 1099-R Entries.  Click the Edit link next to the 1099-R you wish to review.   
    4. On the screen, Tell us if you moved the money through a rollover or conversion, mark the radio button,  I rolled over some of all of it to an IRA... and click Continue.
    5. A few screens after the 1099-R input screen, you should see a screen, What Did You Do With The Money From 401k institution?  Mark the radio button next to I moved the money to another retirement account (or returned it to the same retirement account).  
    6. On the next screen, Did you rollover the gross amount of $XX (Box 1)...  mark the appropriate radio button and click Continue.

     

    TurboTax CD/Download

    1. Click Federal Taxes > Wages & Income > I'll choose what I work on
    2. Scroll down to the Retirement Plans and Social Security section and click on the Start/Revisit box next to IRA, 4701(k), Pension Plan Withdrawals (1099-R). 
    3. If you've already entered one (or more) 1099-Rs, you will see a screen Your 1099-R Entries.  Click on the Edit link next to the 1099-R you wish to review.   
    4. A few screens after the 1099-R input screen, you should see a screen, What Did You Do With The Money From this Payer?
    5. Mark the radio button next to I moved the money to another retirement account (or returned it to the same account).
    6. Below the grey line, click the radio button next to I rolled over all of this money to an IRA or other retirement account (or returned it to the same account).  Click Continue".
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