RobertB4444
Expert Alumni

Retirement tax questions

It is still income to you.  The IRS doesn't ask what you do with your money, they just ask how much money you make.

 

In this case you will enter the 1099-MISC in the "Other Income" section of TurboTax, way at the bottom of the wages and income section.

 

Then, you'll go to the "Deductions and Credits" section and enter in the contribution to your retirement account in the section for "Retirement and Investments".  If the contribution that your financial advisors made to your retirement account was to a traditional retirement account then you will get the deduction for that here.  If it went into a Roth account it isn't deductible but you will still report the contribution here.

 

@pugsweb 

 

 

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