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Question

I took 4K out of my Ira and was able to return $3500 by the allowed time. I should only need to pay taxes/penalties on the $500. How do I show this?

Forum|Forum|1 year ago
February 6, 2025
1 reply
0 views

Edward jones said I need to send in the statement that shows where the money was put back. How do I do this using TurboTax?

Employee

Yes, if you took $4K from and IRA in 2024, you should have already received a 1099-R. Enter that into TurboTax exactly how it is and after you enter it, you will be asked follow up questions, such as What did you do with the money?.

You can indicate there, that you replaced or rolled over a portion to the same or another qualified account. But you need the 1099-R document; you should have already received it. Where do I enter a 1099-R?

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