sf29
Level 2

Retirement tax questions

@dmertz ,

 

I have been working on amending my 2021 return to remove the 8606 and report the excess contribution of $5030, but turbotax is subtracking $970 twice from the $6000.  once as the deductible contribution to the IRA, and then when I put in that $5030 was Recharacterized to a Roth IRA, it is saying that only $970 is allowed so $4060 is the amount of the excess Roth Contribution.  I thought this was wrong, but I tried a couple different ways and turbotax 2021 is doing the same thing.  Am I missing something?  I am married.  I am covered by a 401k but my wife is not.  the IRAs are in her name.

 

thanks.