You would report the 1099 DIV in federal>wages and income>interest and dividends>dividends on 1099 DIV. This is a taxable event to you. Unfortunately, there is no way to report a rollover from a 1099 DIV into a IRA account. This can only be performed from a 1099R reporting event.
Now you can report the dividend contribution to either a Roth or Traditional IRA. If the contribution is more than $6500 or $7500 (if over the age of 50), Turbo Tax will recommend you withdraw the excess amount by the due date of your return, which is April 18. This is so you will not be assessed a penalty for the excess contribution, which is 6% per year while the excess contribution stays in the account. In the Turbo Tax program, there will be a section in it that you will indicate that you will withdraw the excess contribution before the due date of the return.
If you withdraw the excess contribution, your IRA trustee will issue a 1099R in the following year reporting the withdrawal of the excess contribution. This is not a taxable event to you.
To report your IRA contribution, Go to federal>deductions and credits>retirement and investments>traditional and roth ira contributions.
@thuyanhtax
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