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Level 1
posted Feb 25, 2020 8:48:38 AM

Is the $ I withdrew from my IRA to redeposit with US govt to boost my federal employees retirement check considered a rollover to a retirement acct or a payout?

My fed retirement 1099 shows a gross distribution and a lower taxable amt, presumably to show a portion of the payout is a return of the $ I redeposited. (Years ago I cashed out of the retirement plan. I had the opportunity to redeposit $ to boost my monthly retirement check).

0 1 461
1 Replies
Level 15
Feb 25, 2020 8:55:57 AM

No is is not.   Only a rollover to another IRA or other qualified retirement plan is a tax free rollover.  Using the money to purchase retirement credits is a cash out, not a rollover.