DMarkM1
Expert Alumni

Deductions & credits

Yes, you are correct.  Assuming you reported a rollover of $100k in 2020, and therefore only $50K was taxable, then there was no contribution in 2021.  

 

If however you paid taxes on a $150K distribution in 2020, then you can report a $100K contribution in 2021.  

 

You can see the taxable amount of distributions on your 2020 tax return lines 4b or 5b as applicable. Depending on how you reported it last year you could see a taxable distribution of $150K in 4b/5b and then a $100K contribution in line 10 from schedule 1 to net the $50k taxable distribution.

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