USA How to report IRA withdrawal and payback on 1040

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I withdrew some money from my IRA and I'm not old enough to do so without penalty. I paid some of it, but not all of it back into the IRA. How do I report this on my form 1040?
 

kirby

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Report that on the form 1040. The 2015 form 1040 has a line 15A "IRA distributions" so your full withdrawal goes there. Then there is a line 15B Taxable amount and the NET of the withdrawal and the what you put back goes there. Then file form 5329 which will assess the penalty. Suggest you have a tax preparer do this as they can see if there is an exception to the penalty as there are a few exception.
 
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Hi Kirby, Thanks for your reply. I'm starting a new thread with part 2 of the question.
 
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you have to put the money back in 60 days. It will be considered a distribution. there will be a penalty for anything more than 60 days, the only difference is that if you put it back they wont hit you with taxes.
 

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