https://ttlc.intuit.com/community/retirement/discussion/re-ira-distribution-contribution-help/01/3514777#M237132 <P>It will only lower your income by $1,000 (assuming it was a traditional IRA). &nbsp;But, you do need to report these transactions separately, the withdrawal belongs on Wages &amp; Income and the contribution belongs in Deductions &amp; Credits.</P> <P>&nbsp;</P> <P><IMG style="width:100%;" src="https://lithium-response-prod.s3.us-west-2.amazonaws.com/turbotax.response.lithium.com/RESPONSEIMAGE/43dc2ae7-4e61-42d0-aeb1-aed03eb9d871.default.png" /></P> <P><IMG src="https://lithium-response-prod.s3.us-west-2.amazonaws.com/turbotax.response.lithium.com/RESPONSEIMAGE/8916f70e-ae6b-4492-8b97-aadaebfe8637.default.png" /></P> <P>&nbsp;</P> <P>&nbsp;</P> Tue, 25 Feb 2025 02:49:11 GMT MindyB 2025-02-25T02:49:11Z https://ttlc.intuit.com/community/retirement/discussion/ira-distribution-contribution-help/01/3514746#M237127 <P>I'm 60, in 2024 I had to take&nbsp;a 4,000 distribution from my IRA. They withheld tax. Months later I made a contribution of 5,000. Will I be able to use the entire 5,000 to lower my AGI (I'm self employed/ low income) or will it only lower it by 1,000? Thank you!</P> Tue, 25 Feb 2025 02:38:11 GMT https://ttlc.intuit.com/community/retirement/discussion/ira-distribution-contribution-help/01/3514746#M237127 Anonymous 2025-02-25T02:38:11Z https://ttlc.intuit.com/community/retirement/discussion/re-ira-distribution-contribution-help/01/3514777#M237132 <P>It will only lower your income by $1,000 (assuming it was a traditional IRA). &nbsp;But, you do need to report these transactions separately, the withdrawal belongs on Wages &amp; Income and the contribution belongs in Deductions &amp; Credits.</P> <P>&nbsp;</P> <P><IMG style="width:100%;" src="https://lithium-response-prod.s3.us-west-2.amazonaws.com/turbotax.response.lithium.com/RESPONSEIMAGE/43dc2ae7-4e61-42d0-aeb1-aed03eb9d871.default.png" /></P> <P><IMG src="https://lithium-response-prod.s3.us-west-2.amazonaws.com/turbotax.response.lithium.com/RESPONSEIMAGE/8916f70e-ae6b-4492-8b97-aadaebfe8637.default.png" /></P> <P>&nbsp;</P> <P>&nbsp;</P> Tue, 25 Feb 2025 02:49:11 GMT https://ttlc.intuit.com/community/retirement/discussion/re-ira-distribution-contribution-help/01/3514777#M237132 MindyB 2025-02-25T02:49:11Z https://ttlc.intuit.com/community/retirement/discussion/re-ira-distribution-contribution-help/01/3514783#M237133 <P>Thank you so much!</P> Tue, 25 Feb 2025 02:50:56 GMT https://ttlc.intuit.com/community/retirement/discussion/re-ira-distribution-contribution-help/01/3514783#M237133 Anonymous 2025-02-25T02:50:56Z