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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15733
Experience:  15years with H & R Block. Divisional leader, Instructor
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I withdrew $16K from my IRA last Fall. I had $4K withheld.

Customer Question

I withdrew $16K from my IRA last Fall. I had $4K withheld for taxes. Within 2 weeks of my withdrawal I no longer needed the funds so I re-deposited the $12K back into my IRA. My 1099 R only reflects the $16K and $4K. I called T Rowe Price and they said I would need form 5498 which wouldn't be available until 5/31/16. My question is this: I was hoping my re-deposit would offset my tax liability in 2015. What can I do at this point??
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.


The $12000 you put back in can be counted as a rollover but the $4000 (even though it was withheld for tax) is going to be taxable to you.

The form 5498 just shows that the $12000 was put in the IRA. You can still show in your return now that $12000 was rolled over. By the time the IRS looks at your return the 5498 will be available.

You need to report the full $16k on line 16a and then the $4000 on 16b.

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Expert:  Robin D. replied 1 year ago.

Please respond