Hi,
Last year I rolled over my former employer's 401K account balance (pretax) to a Roth IRA account. This was reported in a 1099R with code G. This has pushed MAGI to be over the limit for Roth contributions. Do my contributions to Roth IRA now in excess? I mean I understand that the rollover amount is taxable but does it count towards the income limit? I read conflicting information about it. Turbotax didn't say anything about excess contributions. I don't want to be penalized later, do I need to take out any contributions before filing?
Thank you!
