disdribution error | Ed Slott and Company, LLC

disdribution error

individual took out partial surrender distribution( over 591/2) from rollover IRA and put same amount back in with 60 days to avoid taxation, but they did not put it on their return( 2012) they have proof they returned it to IRA with 60 days, can they do a amended return to correct? Any advice on how to correct.
SC

An amended 2012 return should be filed. Line 15a should show the amount distributed and 15b should NOT show any amount with "rollover" entered next to 15b. The 1040X has a place for an explanation of what is changing and there you can explain that you rolled over the full distribution within 60 days of receipt. Hopefully, there has not been another rollover within 12 months since each IRA account is limited to one such rollover over a 12 month period.

 

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