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D
deryckkrystel
Level 1
June 5, 2020
Question

NON TAXABLE ROLLOVER USED TO PURCHASED HOUSE BUT PAID BACK IN 60 DAYS

  • June 5, 2020
  • 2 replies
  • 13 views

CLIENT USED MONEY AS DOWNPAYMENT ON NEW HOME BUT PAID MONEY BACK IN 60 DAYS.  RECEIVED 1099 WITH CODE1.  HOW DO I SHOW MONEY WAS PAID BACK

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2 replies

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
June 5, 2020

Scroll down the 1099R worksheet to the Rollover section.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    T
    The-Tax-Lady
    Level 8
    June 5, 2020

    Make sure the entire distribution, including any taxes withheld, was the total amount repaid.

    When you say "Non Taxable Rollover", is the original distribution from a ROTH or is it what you are calling the final result you are working to get on the tax return? 

    Does the client have proof of the rollover deposit? 

     

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