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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.
‎February 1, 2023
11:28 PM