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Backdoor roth conversion is showing I have a 6% penalty because of excess contributions. Why? I followed instructions.
TT is telling me to enter my backdoor roth conversion in two places. I have the 1099-R and entered that in wages and income with a distribution code 2 (early distribution, exception applies). TT says I also have to enter it in deductions and credits as a contribution. It then tells me that I have a penalty but then somehow my tax owed is lowered. I know that I owe tax on the full amount that I moved from a traditional to a roth IRA. I wish I could just access the form 8606 myself but it won't let me. Help!
‎April 12, 2023
6:55 AM