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New Member
posted Mar 3, 2021 11:20:30 AM

If i withdrew 24000 from one ira & opened a new ira with adifferant bank (not a direct rollover) how do i claim this?

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1 Replies
Level 15
Mar 3, 2021 11:37:14 AM

Assuming it was a Trad IRA to Trad IRA  that was the only such one you did in the preceding 12 months, and that you did so within 60 days, enter the 1099-R in Federal > Wages and Income > Retirement.  There will then be questions; one asks about a rollover.

 

The TT Income Summary will show only the gross amount, and is just FYI.  Your actual tax return will list both the gross and (zero) taxable figures, along with the word Rollover.