Payback of IRA Distribution

[TP82]

I have a 63 year old client that withdrew $60,000 from his IRA for home improvements and other things.  He discovered he didn't need that much so within 60 days of his withdrawal, he deposited $30,000 back into his IRA.  He received his 1099-R and it shows in Block 1 and Block 2a $60,000.  I asked him to contact his financial advisor to see if they were going to provide a corrected 1099-R and they told him no but provided a transaction printout showing the $30,000 payback and type of transaction "Rollover" .  His financial advisor said there was a place on "the form" that the tax preparer can annotate on part of the distribution is reported as taxable.  I tried changing Block 2a and that didn't change the return and I tried using both 7 & G in block 7 and that changed everything to Roll Over and nothing taxable.  This is new to me - anyone have an idea or do I need to contact the financial advisor?

[Just-Lisa-Now- · Accepted solution]

You just need to scroll down the 1099R worksheet to the Rollover section and input how much he put back in the account within 60days, the broker doesnt correct the 1099R, you dont change the figures on the 1099R.

[TP82]

Thank you, worked like a charm!

[Skylane]

Be sure to keep the  documentation and/or attach to return....  Real good chance he'll get a letter in a year or two...

[TP82]

Thanks!