withdrew $7000 from IRA, put it back and filed and paid tax

Forum|Forum|10 months ago
May 23, 2025
2 replies
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As I said above, I withdrew $7000 from my IRA, put it back days later and paid the tax. I then found out about the 60 day rule and now I want to amend my return. Schwab doesn't issue corrected 1099-R. They give me a form 5498. TurboTax said Schwab has to issue a corrected 1099-R, but the IRS website has a place to enter 5498 information, but TurboTax doesn't. How do I fix this? Here's what the IRS says about the 5349.

https://www.irs.gov/instructions/i1099r#en_US_2024_publink[phone number removed]

Mike9241

yes you can amend your return. you don't need any corrected forms from Schwab. That 1099-R is correct because there was no direct rollover.

since it was an indirect rollover, you'll need to do is go back to that IRA section and go through the pages until you reach the page that says "what did you do with the money from XXX?

then check the box you "moved the money to another qualified retirement account (or returned it to the same account)"

also check the box that says you rolled over all the money

if necessary, delete form 5329

your 1040 line 4b should be zero for this withdrawal and the word rollover should appear

VolvoGirl

Did you put back the whole $7,000? If they took any withholding out you need to replace the withholding with other money otherwise the withholding will be taxable and the 10% early withdrawal penalty if you are under 59 1/2.