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Level 2
posted Mar 5, 2023 9:11:55 AM

Is rollover from old employer's retirement plan to "rollover IRA" considered as "contribution" to a traditional IRA?

Turbotax line asks "tell us if you made a contribution to a traditional IRA for 2022"
(Note: answer yes if you plan to make a regular contribution by April 18,2023, or if you contributed to traditional IRA and later transferred some or all of that money to a Roth IRA)

I only rolled over from old employer's plan to rollover IRA. I did not make regular contribution and not planning to make until April 18. And I did not transferred the money in rollover IRA to Roth IRA.
Thanks

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1 Replies
Expert Alumni
Mar 5, 2023 9:41:19 AM

No.  A rollover of this type is separate from contributions.  

 

It is not considered as a contribution.  A regular contribution is the annual contribution you're allowed to make to a traditional or Roth IRA: up to $6,000 for 2020-2021, $7,000 if you're 50 or older (see IRA Contribution Limits for details). It does not include a conversion or any other rollover.

 

FAQ IRA