Form 1099-R Reporting IRA Early Distribution, Code 1 - Re-deposited within 60 Days How to override form?

Forum|Forum|6 years ago
May 3, 2020
1 reply
15 views

My client received a Form 1099-R reporting a distribution from his IRA Account and reporting it as "taxable" and Distribution Code 1. Within 60 days client re-deposited 100% of the distribution into the same account, however, that transaction is only shown on the Form 5498.

How do I report on the tax return so that the client doesn't have to get a hold up on his refund or gets a letter adjusting his return and required to explain with backup after the fact?

Appreciate any assistance.

Lacerte Tax

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George4Tacks

Level 15

Screen 13, where you input the 1099R, look down to the left for Rollovers and click that. You then do the input for Indirect Rollovers and put the amount in the first box for To other than a Roth IRA (Strange working that confuses many)

Answers are easy. Questions are hard!

L

lovetaxesAuthor

Level 4

Needless to say perhaps but necessary for me to articulate my gratitude for your taking the time (even on a weekend) to supply me with a very logical IRA loan payback, despite the 1099-R not reflecting the return of funds within 60 days.

I don't customarily go to the Community for assistance but I can assure you that I will in the future.

I intend to make attempts to pay your kindness forward, George.

Respectfully,

O.E. (Bob) Bellerose, EA

George4Tacks

Level 15

I like your "Handle". Now go to your settings and get a decent personalize image and go out there and help other users.
I am glad I was able to help. This community tends to be quicker and often more accurate than calling support. It is primarily other users that are "paying it forward"
Welcome to the club.

Answers are easy. Questions are hard!

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