topic If in 2018 my wife rollover money to another bank, but this year there was no contribution at all. Says should be equal to $6000 in Retirement tax questions

If in 2018 my wife rollover money to another bank, but this year there was no contribution at all. Says should be equal to $6000

piratazo123 — Sat, 01 Feb 2020 19:16:25 GMT

Re: If in 2018 my wife rollover money to another bank, but this year there was no contribution at all. Says should be equal to $6000

macuser_22 — Sat, 01 Feb 2020 19:23:52 GMT

A rollover is taking a distribution and putting it back into a retirement account within 6o days. If it was a trustee-to-trustee transfer between banks then noting would be reported at all. If you received a 1099-R for the rollover then you would answer the 1099-R questions that the money was rolled over. Nothing whatsoever would be entered in the IRA contribution section because a rollover is not a new contribution.

Re: If in 2018 my wife rollover money to another bank, but this year there was no contribution at all. Says should be equal to $6000

dmertz — Sat, 01 Feb 2020 20:03:49 GMT

It sounds like on the 2018 Tax return the rollover was mistakenly entered as a new IRA contribution and TurboTax treated at least $6,000 of that as an excess contribution. You'll probably need to amend the 2018 tax return to remove the entry of the regular contribution not actually made, correct Form 5329 to remove this excess contribution not actually made, obtain a refund of the excess contribution penalty and correct the amount in that 2019 TurboTax shows as the excess contribution carried in from 2018.