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IRA rollover taken Out in December Repaid in January

John H
Level 1

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?

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3 Comments 3
Level 15
Level 15

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.

Level 9

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.

Level 14
Level 14

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