Question

Tax advice

Forum|Forum|5 years ago
March 17, 2021
1 reply
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We took out some money from my husband's Roth IRA last October. We refund (put back the money) the same account in December. We received a 1099-R from Charles Schwab for this distribution. We contacted Charles Schwab and was told that they have to issue the 1099-R even though we put back the money into the account.

I would appreciate help with how I should file this information in our tax return.

Thank you.

Anna

Tax Advice

D

doobies

In the 1099-R, what are the distribution codes in box 7?

What are the exact dates of the withdrawal and replacement? An IRA rollover must replace the money in 60 days.

How old is your husband? [You can withdraw Roth contributions without penalty after age 59.5]

How much did your husband withdraw, and how much did he contribute to his Roth?

Has your husband had the Roth account more than 5 years?

The 1099-R distribution codes are the most important answers. TurboTax uses the distribution codes to determine how the withdrawal amounts are processed.

[Charles Schwab presumably knows the answers to the other questions, so the codes they enter in box 7 will determine how TurboTax treats the amounts. However, the answers to those questions will help YOU understand what is going on.]