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I withdrew 2100 dollars from my roth ira 8/28/17 and want to…

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I withdrew 2100 dollars...

I withdrew 2100 dollars from my roth ira 8/28/17 and want to put it back in there as a 2017 contribution but can I put it in a traditional ira instead and not have it considered over the 5500 dollar / year limit

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

I opened this roth account in 2016

Submitted: 8 months ago.Category: Tax
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Answered in 9 minutes by:
11/14/2017
Tax Professional: Lev, Tax Advisor replied 8 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,116
Experience: Taxes, Immigration, Labor Relations
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If you took distribution - in order to be treated as non taxable rollover - the amount should be put back within 60 days.

Unfortunately - it is too late for that rollover - and that will be reported as distribution on form 1099R.A

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Tax Professional: Lev, Tax Advisor replied 8 months ago

In your situation - if you will put the money into either Roth IRA or into traditional IRA - that will be treated as new contribution and will be subject to annual contribution limit.

Sorry if you expected differently.

Let me know if you need any help.

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