Partial rollover back into IRA within 60 days?

Question

I withdrew from my IRA then within 60 days rolled part of the withdrawal back into the same IRA. When I got my 1099R from costudian, it showed the total amount of the original withdrawal as taxable. (They did not deduct the amount rolled back in. When I called the custodian they said that IRS required them to list the total amount withdrawn as taxable without indicating or deducting the amount returned. If this is true, then how do I deduct the amount rolled back in when I file my form 1040 taxes since the 1099R shows the total amount as taxable without any indication that part of the money was rolled back into the IRA?

Answer 1

There is some info on page 27 of the 1040 instructions. It also says to read Publication 575, and in that publication, info on rollovers starts on page 26 - you can download that at irs.gov

You report the entire amount withdrawn on line 16a of your 1040, or 12a of your 1040A. The amount NOT rolled over goes on line 16b or 12b. Write "rollover" next to the amount.

If you use tax software and plan to efile rather than sending in a paper return, the tax software should lead you through this. Since each piece of software is a little different, can't tell you exactly how to do but it should be pretty obvious when you get to that part.

Answer 2

I think there's a separate form that indicates contributions to an IRA. Ask the custodian about it.

Answer 3

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Answer 4

Discuss it with a tax professional