Hi again Dana,
I am confused because TT is telling me we made excess contributions of $130 and $576 to our Trad IRAs. Here is what I did. In 'Wages and Income':
- Imported our two 1099-Rs (Dist code=N). Mine: $7130 Spouse: $6576
- Imported Spouse 1099-R (Dist code=2). Spouse $14169 (This is a backdoor conversion)
- (I did not import the two 1099-R (Dist code=R), because these amounts are listed in the explanation statement on our 2020 taxes.)
After importing these in 'Wages and Income', I then went into 'Deductions Credits' and walked through easy step telling it we contributed $7000 and $6000 to Roths, and then recharacterized the above amounts ($7130 and $6576) to Trads. I thought because we rechacterized both these back in May of 2021 that we wouldn't have the 6% excess contrib tax. Can you tell me why is TT telling me it is excess?
Thank you,
Ruffy
