Where do I enter?

icountant · ‎03-28-2025

Where do I enter?

Client withdrew 199K from IRS but returned 155K days later, Form 1099-R reflects 199K

sjrcpa · ‎03-28-2025

I think you mean withdrew from IRA, not IRS.

You only have 60 days to do an indirect rollover/roll it back.

The whole thing is taxable.

The more I know the more I don’t know.

dd4vols · ‎03-28-2025

how many "days later" did they return the $155K?

If within the 60-day period mentioned above....on the 1099-R wks...scroll down to page 2..and on line B2 enter the $155k

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sjrcpa · ‎03-28-2025

I saw that, too but didn't comment on it. 😀

The more I know the more I don’t know.

sjrcpa · ‎03-28-2025

Oh, now I see it should be:

Days later, he returned $155K. Where's a comma when you need it??

If days later does not exceed 60 days, this is an indirect rollover. There should be input for it.

The more I know the more I don’t know.

qbteachmt · ‎03-29-2025

"Form 1099-R reflects 199K"

Of course it does. It's for the money Out. It isn't going to net anything. The money in would be found on form 5498, which should be available late May.

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icountant

Thank you very much, that is exactly where I posted the return of IRA (B2), just not confident. Again thanks