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Level 1
posted Mar 29, 2020 2:41:10 PM

IRA Rollover

In 2019 I had an IRA that needed to be transferred.  I received a distribution from the original IRA and transferred it within the allowed 60 days to a different IRA.  I have entered my 1099-R and received and answered the questions about what I did with the funds and my taxable income is now as it should be and doesn't include this distribution.  I just want to be certain that I don't have to enter this amount that was distributed and rolled into a new IRA as a contribution in the retirement section.  Essentially, I'm asking if this is considered a rollover as far as TurboTax is concerned.  My FA says yes but I want to be sure I'm accounting for it correctly and that I'm not leaving a hole somewhere by saying that I put the money into another IRA and then not listing that in the Retirement and Investments section of Deductions & Credits.

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1 Replies
Expert Alumni
Mar 29, 2020 2:55:41 PM

A rollover is not a current year contribution and should not be entered as such- so do not enter in the Deductions & Credits section.  Doing so most likely will result in TurboTax indicating you had an excess contribution.