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Darryl9
Level 2

IRA Deductions & Contributions

The original intent was to Roll-Over from one Traditional IRA to another.  My wife mistakenly received funds from the first IRA by check in her name (1099R) which i believe has to be viewed as income..  2 days later, my wife contributed the entire amount ($7,650) to the new IRA.  is there a way this transaction can be a "Roll-Over"?  

1 Best answer

Accepted Solutions
VolvoGirl
Level 15

IRA Deductions & Contributions

You enter the 1099R as normal.  The same way as if it was income.  Then it will ask what you did with it.  Say you rolled it over.  

 

Enter a 1099R under

Federal Taxes Tab or Personal (Home & Business)

Wages & Income at the top

 

Then scroll way down to Retirement Plans and Social Security,

Then IRA, 401(k), Pension Plans (1099R) - click Start or Revisit

 

If you are filing a Joint return be sure to pick which person it is for.

View solution in original post

5 Replies
VolvoGirl
Level 15

IRA Deductions & Contributions

Was it from her IRA?  And you wanted to roll from her IRA to another IRA?  That's what she did.  It's ok if she got the check.  After you enter the 1099R you can say you rolled it over.  Was any withholding taken out of it?  What code is in box 7?

 

You just enter the 1099R and say NO it was not the RMD if it asks (since no RMD was required for 2020). Then say you rolled it over. It will show up on 1040 line 4a for the full amount then should be zero on line 4b with the word ROLLOVER by it. Unless you had any withholding taken out. If you didn't replace the withholding from your own money then the withholding will become a taxable distribution itself.

Opus 17
Level 15

IRA Deductions & Contributions

The other problem is, what did you tell the new plan about the money?  Did you tell them it was a rollover, or a contribution?

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
Darryl9
Level 2

IRA Deductions & Contributions

VolvoGirl,  funds came from one IRA and was placed in another IRA.  No withholdings at all.  this is not entered as Income, where is it input?

Darryl9
Level 2

IRA Deductions & Contributions

Roll-Over

VolvoGirl
Level 15

IRA Deductions & Contributions

You enter the 1099R as normal.  The same way as if it was income.  Then it will ask what you did with it.  Say you rolled it over.  

 

Enter a 1099R under

Federal Taxes Tab or Personal (Home & Business)

Wages & Income at the top

 

Then scroll way down to Retirement Plans and Social Security,

Then IRA, 401(k), Pension Plans (1099R) - click Start or Revisit

 

If you are filing a Joint return be sure to pick which person it is for.

View solution in original post

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