2290454
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Received a 1099-R IRA gross distribution. I then deposited it into a Roth IRA (age 64). Why would my FED tax increase from depositing into Roth IRA when I enter a Roth contribution in TurboTax?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

Received a 1099-R IRA gross distribution. I then deposited it into a Roth IRA (age 64). Why would my FED tax increase from depositing into Roth IRA when I enter a Roth contribution in TurboTax?

Do not enter a IRA rollover as a new contribution.  Only enter it from the 1099R nowhere else.  

Received a 1099-R IRA gross distribution. I then deposited it into a Roth IRA (age 64). Why would my FED tax increase from depositing into Roth IRA when I enter a Roth contribution in TurboTax?

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.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question