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Retirement tax questions
What code is in box 7? Did they take any tax withholding out of it? Say NO to transferring to a ROTH or skip that. It only needs to know if you transferred it to a ROTH, otherwise it's to a Traditional IRA.
Pick I moved it to another retirement account even if you put it back into the same account.
Then choose - I did a combination of rolling over, converting or cashing out the money
If they took out taxes did you replace the taxes when you put it in the IRA? Otherwise the tax will become a distribution itself and taxable and a 10% Early Withdrawal Penalty if you are under 59 1/2.
AND do NOT enter it again under Deductions as a new IRA contribution! A Rollover is not a new contribution.
‎April 13, 2024
6:14 PM