IRA rollover taken Out in December Repaid in January

Forum|Forum|6 years ago
December 30, 2019
3 replies
39 views

I had a client take out an IRA distribution of $100,000 in December and repaid in January. The amount was included on the 1099R as taxable. How do I report on tax return that it was a rollover within the 60 day period?

ProSeries Professional

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Just-Lisa-Now-

Intuit Community Champion

You'll scroll down to page 2 of the 1099R worksheet (I think its still page 2, I havent looked at 2019 worksheet carefully yet) and mark that it was rolled over.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

G

Greta

Level 7

Be forewarned: I have had several clients who were contacted by the IRS a couple of years later with a scary letter "You owe thousands of dollars." So I now tell clients to have a precise paper trail of dates and amounts paper-clipped together with instructions, because two years hence you might forget what happened; or if a bad health issue strikes, others need to be informed. A few years ago the IRS began to allow only one such rollover per year; I am still not totally clear how to count "one" per year, especially if the client has a bunch of separate IRAs.

T

Terry53029

Intuit Community Champion

You can only make one rollover per year, if you take the money then put it into another IRA, but if you make a TRUSTEE TO TRUSTEE TRANSFER there is no limit

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