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June 6, 2019
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Premier 2017. I'm 67, retired, took $28,000 in 2017 distribution from Rollovr IRA . Returning $6500 to same acct. Turbtax says only $426 is deductible. Can't be correct!

  • June 6, 2019
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Best answer by Anita01

When you enter the 1099-R, you are asked what you did with the money.  You would choose that you put it in an eligible account, then enter the amount you deposited back in the account.  I'm not sure what you mean by deductible.  You should not be entering this as a contribution at all, just in the followup questions to the 1099-R entry.  The money does not count as a new contribution.

1 reply

Anita01Answer
Employee
June 6, 2019

When you enter the 1099-R, you are asked what you did with the money.  You would choose that you put it in an eligible account, then enter the amount you deposited back in the account.  I'm not sure what you mean by deductible.  You should not be entering this as a contribution at all, just in the followup questions to the 1099-R entry.  The money does not count as a new contribution.