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April 2, 2022
Question

Does opening a new IRA right after a mutual fund liquidated be considered a contribution or something else?

  • April 2, 2022
  • 1 reply
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I received the distribution and then within 2 weeks, opened an IRA with the exact amount.

1 reply

April 3, 2022

Distribution from what? Another retirement account? If it was from another retirement account then it will not be a new contribution. You will enter your Form 1099-R and indicate that you rollover/converted the funds.

 

  1. Click on "Search" on the top right and type “1099-R”  
  2. Click on “Jump to 1099-R”
  3. Click "Continue" and enter the information from your 1099-R
  4. Answer questions until you get to “Tell us if you moved the money through a rollover or conversion” and make the appropriate selection.

 

If money was from just another bank account/investment account then it would be a new contribution:

 

  1. Click on "Search" on the top right and type “IRA contributions” 
  2. Click on “Jump to IRA contributions"
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