I withdrew from IRA's and reinvested the majority back into CD's. Where do I enter this to eliminate the taxes owed?
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Carolwop
New Member

I withdrew from IRA's and reinvested the majority back into CD's. Where do I enter this to eliminate the taxes owed?

Where do I enter CD'S I purchased in 2018?

1 Reply
DDollar
New Member

I withdrew from IRA's and reinvested the majority back into CD's. Where do I enter this to eliminate the taxes owed?

The purchase of Certificates of Deposit is not tax deductible.  IRA distributions are taxable, unless you re-deposited them into another IRA within 60 days.  If you did a "roll over" to another IRA it would not be taxable. 

If you did rollover your IRA, after you enter(ed) the 1099-R, there is a page that asks "What Did You Do With The Money From [Retirement Plan]"?

Be sure you indicate that you "rolled over all of this money to an IRA or other retirement account (or returned it to the same account)." See Screen Shot #2 below.

Answering these questions correctly will result in your distribution showing up as non-taxable.


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