@sully101089 wrote:
I didn't overcontribute, the confusion is due to a CONVERSION from a different retirement account. I did not exceed the limit. I spoke to my financial advisor about this. The taxes have already been filed and I've received my refunds, but I do not want the penalty obviously. How can I correct this?
It would only be a contribution if you entered something in to the IRA Contribution interview. If you did then remove it on an amended return.
A conversion is only entered in the 1099-R section and you say that you "moved" the money to another retirement account and converted it to a Roth. That would put the taxable conversion amount on the 1040 line 4b unless you had a non-deductible basis in the IRA, then the taxable amount is calculated on a 8606 form.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
