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Got money from State Retirement. Opened an IRA for me and my wife. Does that count as moving the money to another retirement account.

 
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HelenC1
Intuit Alumni

Got money from State Retirement. Opened an IRA for me and my wife. Does that count as moving the money to another retirement account.

Yes, it does. You should get a Form 1099-R from your State Retirement custodian.  

  • 60-day rollover – If a distribution from an IRA or a retirement plan is paid directly to you, you can deposit all or a portion of it in an IRA or a retirement plan within 60 days. Taxes will be withheld from a distribution from a retirement plan (see below), so you’ll have to use other funds to roll over the full amount of the distribution.

 

To enter the information, follow these steps:

  1. Type “1099-R” in the Search box.
  2. Select the "Jump to" link in the search results.
  3. Enter the information from your 1099-R form and continue.
  4. At the What did you do with the money? screen, select I moved the money to another retirement account.
  5. From the drop-down list, select the rolled over option and continue.

 

If taxes were withheld in Box 4 of your form, they'll either be added to your refund or applied to your tax liability.

 
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1 Reply
HelenC1
Intuit Alumni

Got money from State Retirement. Opened an IRA for me and my wife. Does that count as moving the money to another retirement account.

Yes, it does. You should get a Form 1099-R from your State Retirement custodian.  

  • 60-day rollover – If a distribution from an IRA or a retirement plan is paid directly to you, you can deposit all or a portion of it in an IRA or a retirement plan within 60 days. Taxes will be withheld from a distribution from a retirement plan (see below), so you’ll have to use other funds to roll over the full amount of the distribution.

 

To enter the information, follow these steps:

  1. Type “1099-R” in the Search box.
  2. Select the "Jump to" link in the search results.
  3. Enter the information from your 1099-R form and continue.
  4. At the What did you do with the money? screen, select I moved the money to another retirement account.
  5. From the drop-down list, select the rolled over option and continue.

 

If taxes were withheld in Box 4 of your form, they'll either be added to your refund or applied to your tax liability.

 
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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