Possibly you can still save money on your 2020 taxes. There are restrictions on how much can be contributed every year. Since a contribution was already made, be careful this contribution is considered in any added contributions for 2020 or 2021.
Form 1099-R is for distributions from your retirement plan. Your contributions are entered in a different section.
Enter your contributions by following these steps:
- In TurboTax, enter IRA Contributions in the search box and select the Jump to link in the search results.
- Answer the questions that follow regarding recharacterization and contributions.
Roth IRA contributions are not deductible.
Traditional IRA contributions are deductible if you qualify. See How much of my Traditional IRA contribution is deductible? for more information.
