ChrisWCarter
Returning Member

Retirement tax questions

I think you are WRONG...

 

After completing Wages, Deductions and all other Tax Situations I clicked Continue on “Let’s Check Your Deductions and Credits and Up popped the page “Your Roth Contribution was too High. It said "Taxpayer contributed $25,000 to a Roth, which means taxpayer has an excess contribution of $25,000."

As I am filling out my taxes in TT Premier, I have $6,059 basis for my Traditional IRA. I entered $25,000 as the "Amount converted to a ROTH account. I answered "No" to the question about an HSA and "No" about the Qualified Disaster Distribution. I answered "Yes" to the question of Nondeductible Contributions from 2018 or prior years. I entered my Taxpayer's Total IRA Basis as of December 31, 2018 as "$6,059". I entered the total value  of my Traditional IRA on December 31, 2018 as "$132,111".

HOWEVER, I didn't make any Roth Contributions to my Roth. I only made a conversion...

For some reason, the TT Premier Program has changed/determined my conversion was a contribution. It wasn't a contribution...!!!

How do I fix this???