RayW7
Expert Alumni

Retirement tax questions

A rollover from a 401k to a traditional IRA is generally not a taxable event.  You will receive a 1099-R and need to enter this information and pay particular attention to the number in box 7.  This would not be considered a new contribution.  

 

If you made a new contribution, not related to the rollover,  for a traditional IRA then you enter that as a separate transaction.  You won't get a 1099 from the trustee, because it's a contribution, not a distribution.  

To enter your traditional IRA contribution:

  1. On the left side of your screen, click Federal.
  2. At the top of your screen choose Deductions and Credits.
  3. Scroll down to Retirement and Investments.
  4. Click Start on Traditional and Roth IRA Contributions.
  5. Check that you contributed to a traditional IRA, and follow the rest of the prompts.