lovetaxes
Level 3

My client received a Form 1099-R reporting a distribution from his IRA Account and reporting it as "taxable" and Distribution Code 1. Within 60 days client re-deposited 100% of the distribution into the same account, however,  that transaction is only shown on the Form 5498.

How do I report on the tax return so that the client doesn't have to get a hold up on his refund or gets a letter adjusting his return and required to explain with backup after the fact?

Appreciate any assistance.

 

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