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Level 1
posted Feb 20, 2025 11:08:23 AM

I took a $10K withdrawal in 2022 when I created a new IRA and claimed it on my 2022 taxes. What kind of explanation should I give to this question?

This IRA was from a 401K rollover. Why do I need to explain this now when it was already claimed on my 2022 taxes?

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1 Replies
Expert Alumni
Feb 26, 2025 7:49:21 AM

This may be asked because either Turbo Tax or the  IRS needs more details to ensure everything was reported correctly. It may be a verification step to ensure accurate reporting.  

 

For the explanation, you may explain it in the following manner, "The $10K withdrawal taken in 2022 was part of a 401K rollover into a new IRA. This amount was already claimed and reported on my 2022 taxes".