topic Re: Should I include amount of early pension withdrawal re-invested in Roth IRA within 60 days in... in Retirement tax questions

Should I include amount of early pension withdrawal re-invested in Roth IRA within 60 days in "Traditional and Roth IRA Contributions" section of "Deductions & Credits?"

User986547 — Mon, 27 Jan 2020 20:56:10 GMT

Re: Should I include amount of early pension withdrawal re-invested in Roth IRA within 60 days in...

MarilynG1 — Mon, 27 Jan 2020 21:19:19 GMT

If you received a 1099-R showing an early withdrawal from your retirement fund, there may be a code in Box 7 indicating that it was rolled over into a Roth IRA.

If not, you will be able to enter this info yourself in the follow-up questions after you enter your 1099-R in TurboTax.

Type '1099r' in the Search area, then click on 'Jump to 1099R' to get to this section, and Continue all the way through the section to complete your entry.

Click the link for more info on 1099-R Box 7 Codes.

Re: Should I include amount of early pension withdrawal re-invested in Roth IRA within 60 days in...

User986547 — Mon, 27 Jan 2020 21:30:23 GMT

Thanks. I had done that part already, but do I also need to show that amount in the "Traditional and Roth IRA Contributions" subsection within the "Deductions and Credits" section?

Re: Should I include amount of early pension withdrawal re-invested in Roth IRA within 60 days in...

VictorW9 — Mon, 27 Jan 2020 21:59:25 GMT

If you are below 59 1/2 years you may have to pay early distribution penalty. However, having said that you can of course rollover your pension into a 401K. Some pensions don't allow for such rollovers but it seems you have already done it.

Re: Should I include amount of early pension withdrawal re-invested in Roth IRA within 60 days in "Traditional and Roth IRA Contributions" section of "Deductions & Credits?"

dmertz — Mon, 27 Jan 2020 22:39:54 GMT

No. Do not enter your rollover under Deductions & Credits. The traditional and Roth IRA section under Deductions & Credits is only for reporting new regular contributions, not rollovers.