@lorettawaynepark20 wrote:
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:
What you are saying is not allowed. A retirement distribution from a qualified plan can be rolled in to a Traditional IRA within 60 day of the distribution or if a box 7 code G, when the check is delivered to the receiving IRA. A rollover is NOT a new contribution that can be applied to 2019. You can make a 2019 contribution up to $6,000 ($7,000 of over ate 50) but it must come from earned compensation (money you worked for).
Unless the 1099-R box 1 money (or a part of it) was rolled into a IRA on 2020 within 60 days then is is not a rollover.
**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.**
