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WHAT FORM TO FILE A DEDUCTIBLE IRA CONTRIBUTION MADE IN 2020

BG2
Level 1
 
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8 Replies 8
abctax55
Level 15

1040 + the corresponding state return if applicable.

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

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BG2
Level 1

I THOUGHT I WOULD HAVE TO USE A 8606 FORM 

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Just-Lisa-Now-
Level 15
Level 15
What software are you using?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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BG2
Level 1

I am using ProSeries.

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Just-Lisa-Now-
Level 15
Level 15
You'll input the IRA contribution on the IRA worksheet (you can link to it from Line 19 of the 1040/1040SR worksheet). The 8606 may or may not play a part in this reporting, depending on other details and circumstances of the return.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
BG2
Level 1

I NEED TO OFFSET A DISTRIBUTION TAKEN IN OCT. 0F 2020 FROM A IRA.

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sjrcpa
Level 15

That sounds like an indirect rollover.


ex-AllStar
Just-Lisa-Now-
Level 15
Level 15

So you have a distribution that was rolled back  into the account within 60days?   

That's an indirect rollover and would get input down on Page 2 of the 1099R worksheet.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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