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I drew down an $8500 premature IRA distribution in December…

I drew down an $8500...
I drew down an $8500 premature IRA distribution in December 2017. I repaid $2200 of it in January 2018, within the 60 day loan limit. The statement from the brokerage for 2017, not surprisingly, shows $8500 distributed, since the partial repayment spilled over into the next year. Can I ask them to adjust the tax statement I received, or simply account for the adjusted amount of the distribution manually, in my 2017 income tax filing?
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Answered in 46 minutes by:
3/19/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,668
Experience: Taxes, Immigration, Labor Relations
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They will NOT change form 1099R for 2017 because that form is correct.

You will simply use form 5329 with your tax return and report partial rollover.

The amount you rolled over in January 2018 will be reported on 2018 tax form - just verify it will be reported as rollover and not as a new contribution.

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Customer reply replied 1 month ago
Meaning I owe tax on the full distribution for 2017 and can only account for the partial repayment in 2018 tax year?

You will report on form 1040 line 15a = $8500

and on 15b = $8500 - $2200 = $6300 - and THAT amount will be included into your taxable income.

Put "Rollover" on the dotted line.

You will be taxed ONLY on actual distribution

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Lev
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