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miss12sc
New Member

I retired in June 2017. I switched my TIAA-CREF account to an IRA. Can I deduct what accrued in my IRA after my retirement? What section does this go under?

I received a 1099-R from TIAA-CREF. The amount allocable to IRR within 5 years (box 10) is $0.00. I also received for 5498 IRA Contribution Information for my IRA that I rolled over from my TIAA-CREF. When I was entering personal info, the page said that I didn't have to enter info from form 5498, but to enter info from the 1099-R.

When I entered my W-2, I entered the amount of my TIAA-CREF shown in 12b. Since I've never had this situation before, I don't know what to do. Is there anything else I should enter?


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AnnetteB
Intuit Alumni

I retired in June 2017. I switched my TIAA-CREF account to an IRA. Can I deduct what accrued in my IRA after my retirement? What section does this go under?

The two forms that you need to enter into your tax return are your W-2 and your Form 1099-R.  There is nothing to deduct with regard to money that has accrued in your IRA since retirement. 

The W-2 will take care of reporting your contributions to your retirement plan prior to your retirement.  The Form 1099-R will take care of reporting the rollover of funds from your retirement plan to an IRA. 

When you enter the information from the Form 1099-R, the follow-up questions that ask what type of IRA the money was rolled into will determine whether any of the rollover is taxable.  If it went to a Traditional IRA, there should be no tax consequence.  If it went to a Roth IRA, then it is likely being taxed. 


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1 Reply
AnnetteB
Intuit Alumni

I retired in June 2017. I switched my TIAA-CREF account to an IRA. Can I deduct what accrued in my IRA after my retirement? What section does this go under?

The two forms that you need to enter into your tax return are your W-2 and your Form 1099-R.  There is nothing to deduct with regard to money that has accrued in your IRA since retirement. 

The W-2 will take care of reporting your contributions to your retirement plan prior to your retirement.  The Form 1099-R will take care of reporting the rollover of funds from your retirement plan to an IRA. 

When you enter the information from the Form 1099-R, the follow-up questions that ask what type of IRA the money was rolled into will determine whether any of the rollover is taxable.  If it went to a Traditional IRA, there should be no tax consequence.  If it went to a Roth IRA, then it is likely being taxed. 


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