Skip to main content
Message Font: Serif | Sans-Serif
No. of Recommendations: 1
I suspect the confusion here is that you didn't realize that a rollover is not a deductible contribution to your traditional IRA.

You are assuming that the OP intended these to be rollover contributions and tried to deduct them. (And that appears to be the IRS position here as well.)

My assumption is that the OP intended these to be normal contributions (who rolls over exactly $3000 twice??) and somehow the custodian thought they were rollover contributions and reported them to the IRS accordingly.

A key piece that's missing here goes back to one bit of information Phil asked: What was on the Form 5498 that the custodian prepared for this year.

Plus one bit of information no one has asked yet: What did the OP intend with these contributions? A rollover? Or a regular contribution?

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.