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I entered my recontribution on the DEDUCTIONS AND CREIDITS, traditional IRA. It was treated as a new contribution. How to correct the entries as recontribution?

TT doesn't let me enter recontribution but contribution.
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2 Replies
DanaB27
Expert Alumni

I entered my recontribution on the DEDUCTIONS AND CREIDITS, traditional IRA. It was treated as a new contribution. How to correct the entries as recontribution?

To clarify, did you make a rollover, taking funds from an IRA and then returning it within 60 days? If yes, then you do not enter this in the IRA contribution interview under Deductions and Credits. You enter your 1099-R and indicate in the follow-up question that it was rolled over:

 

 

  1. Click on "Search" on the top right and type “1099-R” 
  2. Click on “Jump to 1099-R”
  3. Click "Continue" and enter the information from your 1099-R
  4. Answer questions until you get to “Tell us if you moved the money through a rollover or conversion”, choose “I rolled over some or all of it an IRA or retirement account within the time limits (normally 60 days)”, and click “Continue

 

 

Or do you mean a recharacterization? Did you make a Roth IRA contribution and then recharacterized it as a traditional IRA? If yes, then please see How do I re-characterize a Roth IRA contribution as a traditional IRA contribution in TurboTax?

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I entered my recontribution on the DEDUCTIONS AND CREIDITS, traditional IRA. It was treated as a new contribution. How to correct the entries as recontribution?

What is a "recontribution"?   Did you get a 1099R for it?  What code is in box 7?  Only enter it from the 1099R, nowhere else and not under Deductions.  Deductions is only for New Contributions.  So delete it from there.

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