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Retirement tax questions
I AM CONFUSED ON HOW TO ENTER MY CONVERSION. I RECEIVED A 1099-R FOR A WITHDRAWAL OF $10K FROM MY IRA ACCOUNT WHICH I TRANSFERRED INTO MY ROTH ACCOUNT. I ALSO RECEIVED A FORM 5498 OF MY CONVERSION OF 10K. I ENTERED MY 1099 R INTO TURBO TAX AS INCOME AND TRIED TO ENTER MY CONVERSION INTO DEDUCTIONS AND CREDITS. IT IS SAYING I COULD NOT CONTRIBUTE ALL OF THE 10K TO MY ROTH AND MUST WITHDRAW A PORTION OTHERWISE I WILL BE PENALIZED. I HAVE NOT CONTRIBUTED ANY ADDITIONAL MONEY INTO MY ROTH. AM I NOT ALLOWED TO ROLL OVER THE FULL AMOUNT? HOW DO I CORRECT THIS?
‎April 8, 2020
1:54 PM