I am retired and have no earned income. I'd like to convert some of my Traditional IRA investments (made in previous years) to a Roth IRA. I did not contribute to my IRA in 2022 so I assume I should enter $0 as a response to that question. When I enter the rest of my information into Turbo Tax Deluxe it tells me that because I have $0 in earned income, the amount I'm trying to convert will be considered an excess contribution and will be subject to a 6% annual penalty as long as the conversion amount remains in my IRA. Is that correct (the discussions I've read indicate that a conversion can be done without penalty regardless of income) or should I be reporting the conversion into TT in a different manner? Thanks for any feedback!
