Another case: Returned money to IRA within 60 days

Home Fairmark Forum Retirement Savings and Benefits Another case: Returned money to IRA within 60 days

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  • #77168
    SMFairfield1
    Participant

    In another IRA account, I withdrew 90k and then “returned” 50k to the same IRA within 60 days. The 1099R shows a distribution of 90k. Do I need them to re-issue a corrected 1099R or how would I handle this situation? (Am retired and over 60 years of age.) Thanks.

    #77253
    ruth
    Participant

    The 1099-R is correct. You enter $90,000 on line 4a, Form 1040, enter $40,000 on line 4b, and enter the word “Rollover” next to line 4b. If you’re using a tax program, you’ll indicate that you rolled over $50,000 of the distribution. You can do this kind of rollover only once within any 12-month period.

    #77254
    SMFairfield1
    Participant

    Thanks Ruth. I use the IRS Free Fill-able Forms and it might be problematic to “write” (insert) the word Rollover, I think.

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