@jjf2008 wrote:
Dear Friend,
In Nov 2019, my father made a $16,500 contribution for 2018 to an existing Traditional IRA. The Plan Type is 457B. On the Nationwide Form DC-4261 (09/2018), it is noted that: "Are you rolling over roth assets? No." Also, on the Nationwide Form DC-4261 (09/2018), a statement read: "Total Account Balance is $99,000."
My question is where on 1040 SR should I show
Since then my father passed away in Feb 2020, and I am trying to pick up the pieces for my elderly mother.
So, any help you can provide is greatly appreciated.
Thank you,
Al
Your question is not clear. IRA contributions cannot exceed $6,000, or $7,000 if age 50 or older.
Is this a contribution or a distribution?
Do you have a 1099-R? What code is in box 7?
Was it a retirement distribution that was rolled into an IRA?
A 457(b) plan is NOT an IRA.
Contribution to a 457(b) plan would be reported on his W-2 form by his employer in box 12 with a code G - it is not reported anywhere else.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
