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Does 401k rollover count as "contribution"?
I did a rollover from a 401k to a traditional IRA. I received a 1099-R, which I entered as Income. In the "Deductions" section, should I also include this as a "contribution" or not?
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posted
June 4, 2019
4:09 PM
last updated
June 04, 2019
4:09 PM
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Does 401k rollover count as "contribution"?
No. A rollover is money your already have in a retirement account being placed in a different retirement account. A contribution is using 'new' funds to deposit in a retirement account. These funds were never in a retirement account and you are increasing the balance of your retirement funds when you contribute. You do not increase the amount of your retirement funds when you rollover to a different account.
June 4, 2019
4:09 PM
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