RobinH
Level 2
10-04-2022
07:46 PM
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current 1099-R is showing the amount taxable With a code 7. However, the entire amount borrowed was paid back in a timely manner.
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Level 15
10-04-2022
08:51 PM
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So it was roiled into another retirement account within the 60 days?
Sctoll down down down the 1099R worksheet to the Rollover section.
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qbteachmt
Level 15
10-05-2022
01:01 PM
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When you say "borrowed," it really was a distribution, right? Code 7 = normal distribution.
When you say "entire amount" you are referring to the Gross, right? There would have been withholding from the distribution against taxes, and that would have to be the additional amount added to the distribution net, rolled over (redeposited) into the same type of account (not necessarily the same account).
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