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- Indirect Rollover of IRA distribution within 60 days (partial amount)
Indirect Rollover of IRA distribution within 60 days (partial amount)
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jhbvtacpa
Level 5
04-03-2024
01:40 PM
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Client took a total distribution for $42k, with both Box 1 gross distribution and Box 2a taxable amount on the Form 1099-R, showing the full amount.
The client then went and reinvested $20k within 60 days into a different traditional IRA. How do I account for this direct rollover and avoid being taxed on the full amount?
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Just-Lisa-Now-
Level 15
04-03-2024
02:01 PM
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Scroll down to page 2 of the 1099R worksheet, theres a place for indirect rollovers.
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Accountant-Man
Level 13
04-03-2024
03:22 PM
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Make sure you get a copy of the 5498 showing the contribution of the $20k and the date of the distribution and the rollover and amount.
In about 16 months after 2023, the IRS will send the TP a notice requesting this "within 60 days" proof of rollover date with the amount.
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