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I received a life insurance distribution from deceased parent .I rolled it over into my IRA. Where do I record that?

 
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dmertz
Level 15

I received a life insurance distribution from deceased parent .I rolled it over into my IRA. Where do I record that?

You can use any money you want to make a regular contribution to an IRA, but you can't do a rollover of any distribution from this life insurance policy.  The amount in box 2a of the Form 1099-R reporting the distribution from the life insurance policy is includible in your AGI.

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

If you deposited an amount into an IRA that was more than you were eligible to contribution to an IRA as a new contribution, it's an excess contribution.

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