Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Apr 30, 2021 7:35:42 AM

Is "rolling over an IRA" considered "contributing to an IRA"?

My wife's 1099-R shows a gross distribution of $85,575.  This adds to our income.  It never asks if this amount was rolled over into another traditional IRA (which it was).  Box 2a shows a Taxable amount of "$0.00".  Does this mean it knows that amount was rolled over?

0 3 558
3 Replies
Level 15
Apr 30, 2021 8:20:49 AM

No.   A rollover is  not a contribution. 

 

Delete the 1099-R you entered and re-enter.

When you will get the screen that asks what you did with the  money  say it was "moved" and all rolled over.

That will put the 1099-R box 1 amount on the 1040 form line 4a with the word ROLLOVER next to it.



 

Expert Alumni
Apr 30, 2021 8:26:37 AM

Generally, there are no tax implications if you complete a direct rollover and the assets go directly from your employer-sponsored plan into a Rollover or Traditional IRA via a trustee-to-trustee transfer.

 

Revisit the 1099-R interview in TurboTax and double check that you did not roll it over to a Roth IRA. 

 

Note-

However, there is a IRA one-rollover-per-year rule which you should be aware of.  

You can transfer a rollover IRA to another traditional IRA but you can't do it immediately. Federal IRA rules say that once you roll over assets from account A to account B, you cannot transfer the money from account B for another 12 months. 

 

-follow this link for additional information-

IRS: Rollovers of Retirement Plan and IRA Distributions

Level 15
Apr 30, 2021 9:09:28 PM

Trustee-to-trustee transfers between IRAs, which is probably what happened here, are not limited to one per year.

 

You have to tell TurboTax you rolled it over even though everybody knows Code G is a Rollover.