Where to enter my IRA 60-day rollover amount? (it's not on my 1099-R)

Forum|Forum|2 years ago
January 13, 2024
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My 2023 1099-R from Schwab lists my taxable distribution amount -- about $30K -- but nowhere lists the ~$22K that I put back into that IRA within 60 days, which would have made the ~$22K portion not taxable.

Schwab says they will mail out a form 5498 in May that will list the "contribution" of the $22K marked as a rollover. Still, there doesn't seem to be anywhere to enter this in Turbotax.

An advisor in this community forum two years ago warned against entering such rollover amounts under the "Deductions and Credits: - IRA Contributions..." section, which makes sense. But the advisor's 2021 solution --- to follow certain prompts/questions relating to 60-day rollovers asked in the "Wages and Income" 1099-R section -- I cannot find: TurboTax's current slate of follow-up questions in the 1099-R section are all different. Couldn't find anything on it anywhere else in Wages and Income either.

Someone please help!

TurboTax Premier Online

Best answer by SteamTrain

Edit that 1099-R again.

On one of the pages AFTER the main form (how many pages after varies), there is a question/checkbox about whether you returned all or part of that distribution to another, or same retirement account....it does NOT use the word "Rollover" ....so read each page closely...it's there.

On the main menu page, that will always show the total $$ you've entered......but you need to review the actual form 1040 itself to see how it was treated on lines 4a and 4b.

SteamTrainAnswer

Employee

Edit that 1099-R again.

On the main menu page, that will always show the total $$ you've entered......but you need to review the actual form 1040 itself to see how it was treated on lines 4a and 4b.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*