@psanand wrote:
Thank you DanaB for quick response. I am following these steps but it is still showing line 1 as 14,000. My 1099-R box 1 2 both has 14000.00, Box 2b is checked (Taxable amount Not determined), Dist code 7 and IRA/SEP/SIMPL box is checked.
After entering 1099-R, next screen asks "What did you do with money from <company-name>?
I selected - "I moved money to another retirement acct", then under "Choose which of the following applies" two options:
1) I rolled-over all of this money to another traditional IRA or Other retirement Acct
2) I did a combination of rolling over, converting or cashing out
I selected Option 2 ( I did a combination of rolling over, converting or cashing out)
Then it asks, tell us how of 14,000.00 you moved and IRA, 401K or other retirement acct
I entered "Amount Converted to Roth IRA Acct 14,000.00
Please let me know what I am doing wrong here?
Line 1 should be $7,000. That should be entered automatically by TurboTax from the IRA contribution interview. Review the IRA contribution interview and/or the "IRA Contribution Worksheet" line 1 that should be $7000. (Did you also enter for your spouse and not mark it for spouse so it all went to you?)
The IRA contribution interview should have told yu at the end that you have an excess contribution since the maximum is $7,000 if over age 50.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
