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R
roxmax27
March 6, 2021
Question

I withdrew funds from my IRA 11/20 and returned them within 60 days (01/21) so it would not be taxed. It’s been reported as gross distribution, how do I correct this?

  • March 6, 2021
  • 2 replies
  • 0 views
Is there a special IRS form I need to use to support this transaction, and would this be considered a rollover?

2 replies

fanfare
fanfare
Employee
March 6, 2021

After entering 1099-R you must look for and click on the CONTINUE button.

S
SweetieJean
Employee
March 6, 2021

After you enter the 1099-R in Federal > Wages and Income > Retirement, there will be questions. One of them asks about repayments/rollovers.  Note that the TT Income Summary only lists the gross number, and is just FYI.  

 

Since the two transactions spanned two tax years, be sure to keep documentation in case of an IRS query.

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