All it means is that a distribution from an unspecified eligible retirement plan was deposited either directly or indirectly into (or back into) a Roth IRA. By itself not very useful to a tax return preparer, and it certainly does not inform the preparer of the existence of a nondeductible IRA contribution, and the preparer's lack of awareness of a nondeductible contribution is the crux of the OP's original question.I don't know what those words mean, and I hang out on this forum all day every day."I made an xxxx Roth Rollover contribution"
A perceptive tax preparer might have been able to piece things together upon seeing the distribution code "2" on the 1099-R along with the $7,500 distribution amount which is also the maximum allowable contribution amount. But the OP made things difficult by not clearly explaining what happened and the result was a tax return error.
Statistics: Posted by MarkNYC — Wed Nov 27, 2024 8:12 am — Replies 16 — Views 861