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Why is TT telling me I contributed too much to a Roth but later tells me I can contribute the same amount to a traditonal IRA?
I contributed $6500 to a Roth in 2017. TT tells me based on my income I contributed $3040 too much plus any gains. I agreed to remove it before April 15th. Now at the end of questions TT tells me I can contribute $3040 to a traditional IRA. Is this correct and why? It also ask me if I re characterized it? I do not know what that means still after much research. I will not be contributing to the traditional IRA with the money from the Roth. I will send monies from my checking account. Is this the right way to proceed. I am afraid if I contribute to the IRA I will be penalized.
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‎June 1, 2019
4:08 AM