We took part of a traditional IRA, cashed out a fairly large amount, received a 1099-R for the normal distribution (age 64) then opened a new Roth IRA and deposited the money from the distribution into the Roth IRA. In Turbo Tax, it asks if I made a contribution to a Roth IRA in 2020. When I check yes and enter the amount, my FED taxes go up in the thousands. Do I need to report the contribution in the ROTH IRA? It's my wife's account and she is retired.
