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Don't know how much excess to 2018 to put for 2017 Roth IRA excess contribution that was later re-characterized to Traditional IRA in 2018?
In 2017 I contributed too much ($3,200) to my Roth IRA per my income. I then re-characterized the excess amount to my traditional IRA in 2018 before my 2017 taxes were filed and reported everything correctly with TurboTax on my 2017 taxes. Later in 2018 I then rolled over everything in my traditional IRA to my Roth IRA and closed my traditional IRA. Now when filing my 2018 taxes TurboTax is asking "How Much Excess to 2018?":
"Indicate how much of your remaining excess contribution of $3,200 you want to credit toward your 2018 Roth IRA Contributions."
I'm not sure what to put here. I contributed only $211.53 to my Roth IRA in 2018 (other than the rollover). If I put $0 for "Excess to Credit to 2018 Roth IRA Contributions" an error comes up later where I'm asked to "Check This Entry" for "IRA Contributions Worksheet Line 27 - Taxpayer's excess Roth IRA contribution credit should be equal to $3200, the Roth IRA contribution credit from Form 5329, Part IV."
"Line 27 - Taxpayer 0"
Then it shows my total Roth IRA contributions as 212 for line 28 and 0 in line 27.
Do I need to just make line 27 $3,200?
Thank you in advance for any help!
"Indicate how much of your remaining excess contribution of $3,200 you want to credit toward your 2018 Roth IRA Contributions."
I'm not sure what to put here. I contributed only $211.53 to my Roth IRA in 2018 (other than the rollover). If I put $0 for "Excess to Credit to 2018 Roth IRA Contributions" an error comes up later where I'm asked to "Check This Entry" for "IRA Contributions Worksheet Line 27 - Taxpayer's excess Roth IRA contribution credit should be equal to $3200, the Roth IRA contribution credit from Form 5329, Part IV."
"Line 27 - Taxpayer 0"
Then it shows my total Roth IRA contributions as 212 for line 28 and 0 in line 27.
Do I need to just make line 27 $3,200?
Thank you in advance for any help!
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‎June 1, 2019
10:59 AM