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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:
- On the left side of your screen, click Federal.
- At the top of your screen choose Deductions and Credits.
- Scroll down to Retirement and Investments.
- Click Start on Traditional and Roth IRA Contributions.
- Check that you contributed to a traditional IRA, and follow the rest of the prompts.
ā€ˇFebruary 8, 2021
3:02 PM