Question

How do I enter into TurboTax an IRA withdrawal I made in late 2022 and redeposited into the same account in early 2023 within the 60 days?

Forum|Forum|3 years ago
February 5, 2023
1 reply
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I withdrew the amount in error & the IRS said I won't have to pay taxes on it because of the 60-day rule.

TurboTax Deluxe Online

Employee

Don't worry about putting it back in the next year. After you enter the 1099R it will ask what you did with the money. Say you rolled it over to another account even if you put it back into the same account. If there was withholding taken out you needed to replace that with your own money. Or the withholding becomes a distribution and taxable.

L

ljphilAuthor

Although I said I rolled it over to another account, TurboTax is telling me the "IRA contribution" is not permitted because the amount exceeded my earned income.