DanaB27
Employee Tax Expert

Retirement tax questions

It seems you have entered a Roth contribution and that causes the excess penalty. Please delete the Roth contribution by unchecking Roth IRA and confirming the deletion. Please only enter the traditional IRA contribution and make it nondeductible.

 

  1. Click on "Search" on the top right and type “IRA contributions”
  2. Click on “Jump to IRA contributions"

 

 

If you are using TurboTax Download the screens will be a little different for the 1099-R:

 

  1. Click on "Search" on the top right and type “1099-R”
  2. Click on “Jump to 1099-R”
  3. Click "Continue" and enter the information from your 1099-R
  4. Answer questions until you get to “What Did You Do With The Money” and choose “I moved it to another retirement account
  5. Then choose “I did a combination of rolling over, converting, or cashing out money.” and enter the amount next to "Amount converted to a Roth IRA account"
  6. On the "Your 1099-R Entries" screen click "continue"
  7. Answer "yes" to "Any nondeductible Contribution to your IRA?"
  8. Answer the questions about the basis and value

 

 

If you still don't get the screens then please tell me what your code is in box 7. Did you check the IRA/SEP/SIMPLE box?

 

 

@LaughTrack

 

 

 

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