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Get your taxes done using TurboTax
Ok, kind of the same issue as many people on here. Doing a conversion on a Traditional Non Deductible IRA to a Roth. I did 6K deposit into my Traditional account earlier in 2021, then immediately converted that to the Roth. I still had a remaining balance in the Traditional (all non deductible), I then converted that remaining balance to the Roth. Turbo has my cost basis correct. It is handling the tax portion correctly, but it keeps giving me a warning & telling me my Magi is too high & that it is a excess contribution. I know there are no dollar limits on converting an IRA to a Roth. Why is giving me the warning & telling me there will be a penalty? Thanks
‎April 12, 2022
8:35 AM