barosser Posted March 11, 2009 Report Share Posted March 11, 2009 TP lives in Hurricane IKE disaster area. After the storm she took 5 K out of IRA and put 2500 back within 60 days. I have a IRA contribution slip that shows the $2500.00 contribution. Form 5498 shows no contributions only the FMV of the IRA. 10-99 R shows box 7 code 1 with 5K gross distribution and 5K taxable. Is there a exception to the penalty on the 2500 that was put back in? If so what code would that be since I cant seem to find it. Thanks in advance. Quote Link to comment Share on other sites More sharing options...
neilbrink Posted March 11, 2009 Report Share Posted March 11, 2009 TP lives in Hurricane IKE disaster area. After the storm she took 5 K out of IRA and put 2500 back within 60 days. I have a IRA contribution slip that shows the $2500.00 contribution. Form 5498 shows no contributions only the FMV of the IRA. 10-99 R shows box 7 code 1 with 5K gross distribution and 5K taxable. Is there a exception to the penalty on the 2500 that was put back in? If so what code would that be since I cant seem to find it. Thanks in advance. In the 1099_R Worksheet, in 2a fill in the amount that was rolled-over (put back in). This should produce the correct calculations for you. Neil Quote Link to comment Share on other sites More sharing options...
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