How can a $60,000 withdrawal from a traditional IRA that later has a return of $10,000 deposit, result in an excess contribution at age 73?

krk01 · ‎June 4, 2019

dmertz · ‎June 4, 2019

None of this is to be reported under Deductions & Credit. Remove whatever you entered there. Only enter the Form 1099-R under Wages & Income (or Personal Income) -> Retirement Plans and Social Security -> IRA, 401(k), Pension Plan Withdrawals (1099-R) and answer the follow-up questions to indicate that you move the money to another retirement account (or returned it to the same account) and indicate that you rolled over $10,000.

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dmertz · ‎June 4, 2019

None of this is to be reported under Deductions & Credit. Remove whatever you entered there. Only enter the Form 1099-R under Wages & Income (or Personal Income) -> Retirement Plans and Social Security -> IRA, 401(k), Pension Plan Withdrawals (1099-R) and answer the follow-up questions to indicate that you move the money to another retirement account (or returned it to the same account) and indicate that you rolled over $10,000.

macuser_22 · ‎June 4, 2019

If the $60,000 was a RMD then it is not eligible for rollover. Only an amount that exceeds the RMD is.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

How can a $60,000 withdrawal from a traditional IRA that later has a return of $10,000 deposit, result in an excess contribution at age 73?