We took money from a retirement account during the 2020 year and we received a 1099-R. A portion of the distribution on the 1099-R (14000) was deposited into a traditional IRA in April 2020 but for 2019. This 14000 was deducted as an IRA deduction on our 2019 tax return to lower our taxes. I am entering the info from our 1099-R on our 2020 tax return and I got to this question:
Tell us if you moved the money through a rollover or conversion
We need to check if you moved any of this money into another retirement account (or returned it to the same account). In some cases, this can lower your tax liability.
I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)
I converted some or all of it to a Roth IRA
I did a combination of rolling over and converting some or all of this money
I didn't rollover or convert this money
Do I need to check the first one...I rolled over some of it to an IRA? I'm thinking I need to check the last one and say I did not rollover any of the money since the 14000 was deposited for 2019 and claimed on the 2019 tax return but I wanted to make sure. Please advise.
