Can i report a 1099-R, that shows fully taxable, code 1...but was rolled within 60 days minus the tax withheld

Forum|Forum|2 years ago
April 9, 2024
3 replies
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1099-

1099-R states fully taxable, code 1.... client states they rolled over minus taxes withheld within 60 days. how do i report when 1099-R doesnt state this

ProSeries Professional

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Best answer by dascpa

You can override the taxable amount. Get a copy of the 5498 AND both the statement showing the date of withdrawal and the date of recontribution. If the IRS questions you'll have the documentation to prove the 60-day rule.

dascpaAnswer

Level 11

You can override the taxable amount. Get a copy of the 5498 AND both the statement showing the date of withdrawal and the date of recontribution. If the IRS questions you'll have the documentation to prove the 60-day rule.

G

gennarostellaAuthor

Level 4

thank you!!

qbteachmt

Level 15

Here is the help article, expand the section for how to report partial rollover:

https://accountants.intuit.com/support/en-us/help-article/form-1099-r/entering-form-1099-r-proseries/L0otcKvVi_US_en_US?uid=lust4p1s

"when 1099-R doesnt state this"

Because the issuer of the 1099-R is reporting for money Out. They don't necessarily know what happened next. That's why you get form 5498, statements, and confirm for yourself what was done next. You want to see the rollover meets the requirements, and that this was not put into regular savings, treated as a contribution for the tax year, did they make up the difference (you already know this is a partial distribution), etc.

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