Accountant-Man
Level 13
04-02-2024
05:03 PM
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He has no earned income, so you cannot contribute it to another IRA, even as non-deductible. Remove it, or you will have a penalty.
BTW, contributing and distributing in the sale year is not handled correctly by Pro Series, which is why it appears to be reducing the taxability of the distribution.
Since he cannot contribute for 2023, erasing the "contribution" will re-tax the distribution.
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