topic I mistakenly made a contribution into my IRA, from a non-retirement acct. I immediately reversed the transaction the next day. How do I account for this on my return? in Retirement tax questions

I mistakenly made a contribution into my IRA, from a non-retirement acct. I immediately reversed the transaction the next day. How do I account for this on my return?

rntichauer — Tue, 04 Jun 2019 23:30:41 GMT

I'm over age 70, and taking my RMD's, the reversal triggered a taxable distribution on my 1099R. I did report the contribution($2450) as a non-deductible on the return, which triggered a few other issues. All in all this should be an even wash, but I just to to do it properly in the return.

If you asked the custodian to reverse the contribution, y...

fanfare — Tue, 04 Jun 2019 23:30:42 GMT

If you asked the custodian to reverse the contribution, you would not report anything on your tax return , other than earnings on that money, which, in this case should be zero.
Do not enter anything about the mistaken contribution that you took back

An RMD triggers a taxable 1099-R.
A reversal does not, so which is it that is showing on the 1099?

If the amount on the 1099 is the reversed contribution amount, ask the custodian why they issued you a 1099-R. Something went wrong.

If you took action on your own without involving the cust...

fanfare — Tue, 04 Jun 2019 23:30:43 GMT

If you took action on your own without involving the custodian, that would cause problems.