Did a direct roll over to an account in 2016. Can I take deduction now?

hegadc5632 · ‎June 4, 2019

Did a direct roll over to an IRA in 2016, received a 1099 then but never took any deduction. Can I take it now

AnnetteB · ‎June 4, 2019

No, you cannot take it now.

First, a direct rollover is not considered a deductible contribution to an IRA (as stated by VolvoGirl).

Second, if you had made a deductible contribution to the IRA in 2016, then it would have to be reported on your 2016 tax return.

VolvoGirl · ‎June 4, 2019

A deduction for what? A rollover is not a new contribution and is not deductible. Did you report the 1099R?

AnnetteB · ‎June 4, 2019

No, you cannot take it now.

First, a direct rollover is not considered a deductible contribution to an IRA (as stated by VolvoGirl).

Second, if you had made a deductible contribution to the IRA in 2016, then it would have to be reported on your 2016 tax return.

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