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I took funds from a retirement fund and put them in an IRA Fair Market Value. Do I need to add that money in the Traditional IRA contributions area?
If I do need to add the amount, it was over the 5900, so then do I need to do anything additional>
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June 4, 2019
9:09 PM
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Retirement tax questions
If you took money from your retirement fund and put it into an IRA, within 60 days, this is considered a rollover, so no, you do not have to enter it in the Traditional IRA contributions area. See how to enter a rollover below.
To enter your 2016 1099-R rollover:
- Type 1099-r in the search box and click search.
- Click on Jump to 1099-r.
- At the choose your bank or brokerage screen, click on I'll type it in myself.
- Enter your 1099-R form exactly as shown. If the form has Box 7 with code G, Rollover, TurboTax will automatically enter it as a Rollover on your income tax form.
- If you form does not have Box 7 with code G, Rollover, on the What Did You Do With The Money From This Payer? screen, click on I moved the money.... and I rolled over all of the money...
- Continue with the onscreen interview.
See the screenshot below.
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June 4, 2019
9:09 PM