Good afternoon:
I need assistance in how to place my situation in TurboTax: I believe I may be inputting something wrong since it shows that I have a penalty since I made a contribution of $21K to my Roth IRA when in fact $17.5K was a rollover (although TurboTax seems to call it a recharacterization) and $3.5K was the only contribution.
Situation:
-moved to a new job in 2022
-had a 403b in my prior job containing $21K
-in 11/2022, $17.5K was transferred into a traditional IRA which was then transferred to an already existing Roth IRA
-in 11/2022: $3.5K was directly transferred from the 403b into the same already existing Roth IRA
-I have a 1099-R form containing the $17.5K
I believe that the problem is in one of these areas:
-I am placing the 1099-R in the "Wages & Income" section, but also selected that I own or will contribute to both a Traditional IRA and Roth IRA
-I stated that I did contribute to a traditional IRA ($17.5K) and this amount was recharacterized into a Roth IRA
-I placed $0 in the "value of my traditional IRA in 12/31/2022"
-I placed $3.5K as a Roth IRA contribution
Thanks for your assistance.
