turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
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.

EJBJ
Level 2

IRA contribution versus rollover

My wife transferred money from her school retirement plan to a traditional IRA.  Are we correct to assume that is considered a rollover and not a contribution, which has different tax deduction implications?

Connect with an expert
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.

1 Best answer

Accepted Solutions
MaryK4
Expert Alumni

IRA contribution versus rollover

Yes, moving money from one retirement account to another is a rollover, not an additional contribution for the year.  

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
MaryK4
Expert Alumni

IRA contribution versus rollover

Yes, moving money from one retirement account to another is a rollover, not an additional contribution for the year.  

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies