Hello everyone! I cannot figure out how to enter in my information for this.
In 2020 and 2021, I made contributions of 6k to my Traditional IRA. This year, I decided to do a backdoor Roth and moved the entire amount over to my Roth IRA. The total on my 1099-R Form reads $14,700.
Info I entered:
1. Total 2021 traditional IRA contributions: $6000
2. How much of $6k you contributed to traditional IRA for 2021 did you switch or "recharacterize" - $6000
3. Any excess IRA contributions before 2021? - NO
4. Any nondeductible contributions to IRA from 2020 or prior years? - NO (is this correct? I'm not sure if it should be a YES but I've never had any 8606 form.
5. Did you make any Roth IRA contribution for 2021?
Then I get "Your income is too high to contribute. Your MAGI puts you over the current Roth Limit of $140,000. That means the $6000 you put into a Roth is considered excess contribution.
Next page says I currently have a penalty because of my excess contribution.
How do I fix this since I converted both my 2020 and 2021 Traditional IRA contributions into the Roth IRA this year?
Thank you!
