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dfarmer53
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How do i file an ira contribution from my ira to my husbands ira on turbotax

 
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How do i file an ira contribution from my ira to my husbands ira on turbotax

You have a deduction this year 2016 for your contribution if designated for 2016. You will have a taxable distribution next year 2017 for the same amount. This is not a rollover.

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6 Replies

How do i file an ira contribution from my ira to my husbands ira on turbotax

Explain what you mean.  You cannot transfer funds from one persons IRA to another persons IRA that is not permitted.
**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.**
dfarmer53
New Member

How do i file an ira contribution from my ira to my husbands ira on turbotax

i rolled $6500 from my trad ira to my husbands trad ira this month, before the april deadline
dfarmer53
New Member

How do i file an ira contribution from my ira to my husbands ira on turbotax

the merrill lynch rep told me i had until april to contribute the $6500 from my trad ira to my husbands trad ira.  I am already retired but my husband did not retire until august, so he had earned income

How do i file an ira contribution from my ira to my husbands ira on turbotax

You have a deduction this year 2016 for your contribution if designated for 2016. You will have a taxable distribution next year 2017 for the same amount. This is not a rollover.

How do i file an ira contribution from my ira to my husbands ira on turbotax

edit:  if designated for 2016

How do i file an ira contribution from my ira to my husbands ira on turbotax

Correct - That is not a rollover, simply a 2017 distribution from your IRA which will be reported on your 2017 tax return next year and a new contribution to your spouses IRA made before Apr. 18, for the 2016 tax year.   That is fine as long as your spouse had at least $6,500 of earned compensation in 2016.

Enter IRA contributions here:
Federal Taxes,
Deductions & Credits,
I’ll choose what I work on (if that screen comes up),
Retirement & Investments,
Traditional & Roth IRA contribution.

OR  Use the "Tools" menu  (if online version under My Account) and then "Search Topics" for "ira contributions" which will take you to the same place.
**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.**

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