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In 2020k, I received a 1099-R for a normal retirement distribution. I used that (after taxed) money and opened a ROTH IRA account within 60 days. Is this a conversion?

I put the maximum, for my age, of $7000 into the Roth IRA.  Can I claim that as a conversion?
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3 Replies
TomD8
Level 15

In 2020k, I received a 1099-R for a normal retirement distribution. I used that (after taxed) money and opened a ROTH IRA account within 60 days. Is this a conversion?

Yes, a rollover from a Traditional 401K to a Roth IRA is considered a conversion.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.
ColeenD3
Expert Alumni

In 2020k, I received a 1099-R for a normal retirement distribution. I used that (after taxed) money and opened a ROTH IRA account within 60 days. Is this a conversion?

Maybe, but doublecheck with the IRS requirements to be sure.

 

Can I roll over my IRA into my retirement plan at work?

You can roll over your IRA into a qualified retirement plan (for example, a 401(k) plan), assuming the retirement plan has language allowing it to accept this type of rollover. Roth IRAs can only be rolled over to another Roth IRA.

 

Can I roll over my workplace retirement plan account into an IRA?

Almost any type of plan distribution can be rolled over into an IRA except:

For details, see rollovers of retirement plan distributions. Distributions from a designated Roth account can only be rolled over to another designated Roth account or to a Roth IRA.

dmertz
Level 15

In 2020k, I received a 1099-R for a normal retirement distribution. I used that (after taxed) money and opened a ROTH IRA account within 60 days. Is this a conversion?

Since this is a conversion, do not enter it anywhere under Deductions & Credits.  It's not a new retirement contribution.

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