Hi,
I moved $45K from my IRA to establish a Roth IRA. I entered the Roth IRA contribution in Turbotax Premier, and could not find a place to indicate this was from an IRA to Roth conversion. Turbotax shows an excess contribution of $37K+ based on max contribution of $6,500, with $2K+ penalty. As I understand it, this is an IRA to Roth conversion and should not be penalized. Is there a place for me to indicate the Roth IRA contribution was from an IRA, and will this remove the penalty from my return?
Thank you,
Brad
