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How can I report a partial return ( rollover) of an IRA

Customer Question
Hi how can I...

Hi how can I report a partial return ( rollover) of an IRA distribution taken in 2017, got an early distribution and returned some of the funds to the original IRA, 1099R shows the whole distribution, would like to show that some funds were returned to reduce my taxable income

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

I don't think so

Submitted: 3 months ago.Category: Tax
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3/10/2018
Tax Professional: Tax.appeal.168, Tax Accountant replied 3 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,715
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Hello. Thank you for choosing this Q&A service for assistance. My name is***** will be assisting you. There is what is referred to as the 60-Day rule. Basically, this rule states that if you deposit ALL of the funds withdrawn including taxes, the distributed amount is not taxable.

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Tax Professional: Tax.appeal.168, Tax Accountant replied 3 months ago

The IRS does not allow for a partial rollover of funds. SEE BELOW:

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Rollover Rules

You generally have 60 days from the date you receive the distribution from the plan to redeposit it as a rollover. As long as you redeposit the money into the same retirement account or another qualified retirement account within the grace period, you won't owe the taxes or penalties. However, if you don't roll over the money in time and don't get receive a special waiver from the IRS, you'll owe income taxes on the distribution and, unless you're 59 1/2 years old, an additional 10 percent tax penalty. When you redeposit the money, you have to return the same amount withdrawn, including any taxes withheld, not just the amount you received. For example, if you requested a $20,000 distribution but received a check for $18,000 because $2,000 was withheld for income taxes, you would have to redeposit $20,000 to complete the rollover. If you only redeposited $18,000, you'd have to treat the remaining $2,000 as a permanent distribution.

REFERENCE SOURCE:

https://finance.zacks.com/60day-grace-period-withdrawals-retirement-accounts-2002.html

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