Now it's 2022, i opened a Roth IRA at same brokerage where my IRAs are, and transferred over/Rolled over some securities, which i expect to pay taxes on since it's a preTax IRA distribution to Roth.
Problem is TT is complaining i've excessive contribution to Roth IRA since i showed No earned Income, i took early retirement last year, cashed out some IRA as well as converting Some to ROTH IRA, but TT is NOT recognizing the conversion/Rollover to Roth, it thinks it's a contribution to Roth IRA and Not a Rollover and capped contribution at $7K.
Is this a TT software bug?
From google : Is this wrong Info ?
Rollovers from a traditional retirement plan such as a 401(k) or traditional IRA to a Roth IRA are known as conversions, and the amount rolled over is taxable. There is no limit on the amount you can roll over or convert into a Roth IRA. May 31, 2022
Any help appreciated.
