As I understand it, doing a conversion from a traditional IRA to a ROTH IRA should avoid the income and contribution limits for ROTH IRA contributions, correct? And thereby avoid excess contribution penalties,
Assuming yes, after I enter my Traditional IRA 1099-R distribution (indicating it was used for a conversion), and when I am in the following section:
o Deductions & Credits
o Retirement & Investments
o Traditional & ROTH IRA contributions
o ROTH IRA Contributions
And assuming this is my only IRA activity for the year, do I enter the conversion amount as a ROTH IRA Contribution on this page (if I do this, it seems I trigger an excess ROTH IRA contribution penalty)?
Or do I say that I did not contribute to a ROTH IRA (which avoids the penalty, but I don't know if this is the correct way to handle this conversion)?
Thanks in advance for any guidance.
