- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
IRA conversion to Roth IRA
In 2019 I did a conversion of 30000 from a traditional IRA to a new Roth IRA (created for this transfer). I followed the panels as stated in the turbo tax instructions and I still ended up with the 6% penalty which has now carried over to 2020. I know I have to consider the 30000 as income in 2019 but I can't get the program to remove the penalty. The money was moved to the Roth IRA in 1 day. I have been trying to do a 2019 amended return so I can remove the penalty and then not be taxed or penalized in 2020. I can't seem to make it work. The 1099-R show it as a 7 distribution of IRA. Can I get a better explanation of what needs to be done in the panels. I did select that it was being moved to a Roth IRA but it still shows up. I have the desktop version of Turbotax