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Retirement tax questions
@matruji wrote:
I saw the answer and it makes sense but how do I input this into TurboTax because if I try to show as traditional IRA it says I don’t qualify.
If you are repaying a loan offset distribution by rolling it over into an IRA, don't report it as a new IRA contribution. Instead, report it as a rollover. When you enter the 1099-R for the offset distribution, there should be a question like "What did you do with the money?" and one of the choices should be "I rolled over all or part of it into a qualifying plan." Make sure you run all the steps of the interview, don't just enter the distribution from the 1099-R and then skip to the next thing.
March 14, 2025
1:21 PM