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Question

I took a $10K withdrawal in 2022 when I created a new IRA and claimed it on my 2022 taxes. What kind of explanation should I give to this question?

Forum|Forum|1 year ago
February 20, 2025
1 reply
0 views

This IRA was from a 401K rollover. Why do I need to explain this now when it was already claimed on my 2022 taxes?

This may be asked because either Turbo Tax or the IRS needs more details to ensure everything was reported correctly. It may be a verification step to ensure accurate reporting.

For the explanation, you may explain it in the following manner, "The $10K withdrawal taken in 2022 was part of a 401K rollover into a new IRA. This amount was already claimed and reported on my 2022 taxes".

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