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jeancar
Level 2
April 8, 2022
Solved

1099R with a returned distribution from IRA

  • April 8, 2022
  • 1 reply
  • 6 views

Client older than 59.5 took $50K distribution from IRA.  Within 60 days, he returned $20K to the same IRA.  1099R reflects box 1 and 2a as $50K code 7.  How do I reflect the returned $20K so it is not taxed?

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Best answer by jeancar

Yes, this did work.  There was some old basis complicating the calculation.

1 reply

qbteachmt
qbteachmt
Level 15
April 8, 2022

By using the 1099-R worksheet, and filling in the info that there is a Partial Rollover. The issuer of the 1099-R doesn't Net the amount; they issue what they know happened = took the distribution. The preparer follows up with what else happened = Rolled over. It's not "returned" in the tax preparation.

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    J
    jeancarAuthorAnswer
    Level 2
    April 9, 2022

    Yes, this did work.  There was some old basis complicating the calculation.

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