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Entering IRA Rollover Amount
I had a poorly performing IRA Account and did 2 things with it in 2019.
First, I moved $200,000 of it to a different investment vehicle (qualified) in a company-to-company transfer. I closed out the account a few weeks later and put 17,000 of the final 22,000 into IRA money market fund.
I don't know how to enter the 17,000 deposit into Turbo Tax. I tried entering it as though it was a new IRA, but it told me (since I am retired) that it exceeded my earned income and chagres me tax and penalties.
Help, please
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Investing
It sounds as if you did rollovers from your IRA into two different accounts. If this is true, then you should get a 1099-R for the rollover. You did not contribute to the new IRA.
It also sounds like you're thinking that you rolled over into qualified accounts. In the program, once you enter your 1099-R, you will encounter screens for the rollover.
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Investing
if you changed the investments WITHIN the same account, there is no reporting necessary on your income tax forms.
if you "rolled over' the balance to another trustee, you will receive a 1099-R - just post that form EXACTLY as it is presented to you and there should be no impact on your taxes. Trustees are required to sen these forms by January 31, so if not received call the trustee and ask them for the form,