2290454
You'll need to sign in or create an account to connect with an expert.
Do not enter a IRA rollover as a new contribution. Only enter it from the 1099R nowhere else.
To clarify, I took part of a traditional IRA, cashed out a fairly large amount, received a 1099-R for the normal distribution (age 64) then I opened a new Roth IRA and deposited that money from the distribution into the Roth IRA. In Turbo Tax, it asks if I made a contribution to a Roth IRA in 2020. When I check yes and enter the amount, my FED taxes go up in the thousands. Do I need to report the contribution in the ROTH IRA? It's my wife's account and she is retired.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
tianwaifeixian
Level 4
tcondon21
Returning Member
xhxu
New Member
christoft
Returning Member
CRAM5
Level 2