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Level 2
posted Feb 24, 2023 6:14:36 AM

1099-R

I forgot to rollover an IRA.

The withdrawal was 3/1/2022. There was 10% withholding.

Distribution code is a 7

Is it to late to due a rollover, I could save $1600 in taxes.

0 3 309
3 Replies
Level 15
Feb 24, 2023 6:19:25 AM

You have sixty days to do a rollover.   Sounds like you missed that by not doing it by early May.  Sorry.

Level 2
Feb 27, 2023 5:07:26 AM

Thanks

Level 15
Feb 27, 2023 5:29:19 AM

 if you have compensation 1040 Line 1 you can contribute back to your IRA up to $6,000 for 2022 and $6,500 for 2023 using those funds.

@dborowicz