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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29535
Experience:  Taxes, Immigration, Labor Relations
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I had taken an early distribution of $20,000 from my ROTH

Customer Question

I had taken an early distribution of $20,000 from my ROTH IRA as a loan but was able to repay $5,500 back within 60 days. I have received a 1099R with a gross distribution of $20,000. How do I report that the net distribution should have been $14,500?
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.

You still need to report the gross distribution on line 15a from 1040,

but when you will determine the taxable portion of that distribution - you will consider $5,500 which you rolled over.
So that amount will NOT be used to calculate taxable income.

However - please be aware that your rollover contribution will be reported separably to you and to the IRS on form 5498 IRA Contribution Information

Please verify if you have this form and if your rollover contribution is reported correctly.