Level 3

Solved

Where do I enter?

Forum|Forum|1 year ago
March 28, 2025
3 replies
9 views

Where do I enter?

Client withdrew 199K from IRS but returned 155K days later, Form 1099-R reflects 199K

ProSeries Professional

This topic has been closed for replies.

Best answer by dd4vols

how many "days later" did they return the $155K?

If within the 60-day period mentioned above....on the 1099-R wks...scroll down to page 2..and on line B2 enter the $155k

sjrcpa

Level 15

I think you mean withdrew from IRA, not IRS.

You only have 60 days to do an indirect rollover/roll it back.

The whole thing is taxable.

The more I know the more I don’t know.

dd4vols

Answer

Intuit Community Champion

how many "days later" did they return the $155K?

If within the 60-day period mentioned above....on the 1099-R wks...scroll down to page 2..and on line B2 enter the $155k

If an answer solves your issue, click on the "Mark as Best Answer" button! Makes it easier for people to find answers to similar questions that have already been posted.

sjrcpa

Level 15

I saw that, too but didn't comment on it. 😀

The more I know the more I don’t know.

sjrcpa

Level 15

Oh, now I see it should be:

Days later, he returned $155K. Where's a comma when you need it??

If days later does not exceed 60 days, this is an indirect rollover. There should be input for it.

The more I know the more I don’t know.

qbteachmt

Level 15

"Form 1099-R reflects 199K"

Of course it does. It's for the money Out. It isn't going to net anything. The money in would be found on form 5498, which should be available late May.

Don't yell at us; we're volunteers

Sign up

Login with SSO

Let's get you signed in

Login with SSO

Scanning file for viruses.

This file cannot be downloaded