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posted Jun 4, 2019 7:44:30 PM

Did a direct roll over to an account in 2016. Can I take deduction now?

Did a direct roll over to an IRA in 2016, received a 1099 then but never took any deduction. Can I take it now

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1 Best answer
Intuit Alumni
Jun 4, 2019 7:44:33 PM

No, you cannot take it now. 

First, a direct rollover is not considered a deductible contribution to an IRA (as stated by VolvoGirl). 

Second, if you had made a deductible contribution to the IRA in 2016, then it would have to be reported on your 2016 tax return. 


2 Replies
Level 15
Jun 4, 2019 7:44:31 PM

A deduction for what?  A rollover is not a new contribution and is not deductible.  Did you report the 1099R?

Intuit Alumni
Jun 4, 2019 7:44:33 PM

No, you cannot take it now. 

First, a direct rollover is not considered a deductible contribution to an IRA (as stated by VolvoGirl). 

Second, if you had made a deductible contribution to the IRA in 2016, then it would have to be reported on your 2016 tax return.