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clydetrodgersjr
New Member

How do I record IRA contribution and rollover when w/d was in 12/16, roll over in 1/17 & IRA '16 contribution b4 filing return and both are greater than SE income?

Spouse made multiple withdrawals from IRA in 2016, but the last withdrawal was $5,000 made in 12/2016. This was rolled over into a new IRA account within 45 days.  Spouse also had Schedule C income of about 4,000. and will make 2016 IRA contribution in 2017 before filing 2016 return.

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dmertz
Level 15

How do I record IRA contribution and rollover when w/d was in 12/16, roll over in 1/17 & IRA '16 contribution b4 filing return and both are greater than SE income?

The fact that the rollover did not occur until after year-end does not affect how you enter and report the IRA distributions and rollover.  The Form 1099-R for the distributions from the IRA will be for the total of the distributions from the IRA.  Enter the Form 1099-R under Wages & Income -> Retirement Plans and Social Security -> IRA, 401(k), Pension Plan Withdrawals (1099-R), then indicate that the money was moved to another retirement account or returned to the same account, then indicate that part of the money was rolled over, then indicate the amount ($5,000) that was rolled over.

Enter the regular IRA contribution under Deductions & Credits -> Retirement and Investments -> Traditional and Roth IRA Contributions.

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1 Reply
dmertz
Level 15

How do I record IRA contribution and rollover when w/d was in 12/16, roll over in 1/17 & IRA '16 contribution b4 filing return and both are greater than SE income?

The fact that the rollover did not occur until after year-end does not affect how you enter and report the IRA distributions and rollover.  The Form 1099-R for the distributions from the IRA will be for the total of the distributions from the IRA.  Enter the Form 1099-R under Wages & Income -> Retirement Plans and Social Security -> IRA, 401(k), Pension Plan Withdrawals (1099-R), then indicate that the money was moved to another retirement account or returned to the same account, then indicate that part of the money was rolled over, then indicate the amount ($5,000) that was rolled over.

Enter the regular IRA contribution under Deductions & Credits -> Retirement and Investments -> Traditional and Roth IRA Contributions.

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