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Deductions & credits
I followed the steps laid out on how to enter an IRA to Roth conversion under wages and income. The person is over 70 years old and converted $7,800 from IRA to Roth which is below the $8,000 limit of what could be converted. When I review the deductions section under Traditional and Roth IRA Contributions, the desktop software is saying he has an excess contribution to the Roth and there is a penalty but in his situation, he should simply pay the taxes on the money and the conversion should not result in a penalty or excess contribution.
what do I need to do so the software realizes that it is not an excess contribution and is simply a conversion
‎January 29, 2025
3:16 AM