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Retirement tax questions
Thank you for the info.
1) I carefully placed all recommendations in the choices, but it treats the rollover as a contribution and it seems that I owe federal tax after placing all these forms: is this correct? It states:
Your Roth contribution was too high.
Roth IRAs offer some great benefits, but they have restrictions on how much you can contribute.
You contributed $17.5K to a Roth, but your earned income was only ___. Roth contributions can't be more than earned income, which means you have an excess contribution of $11.5K"
My apologies for all my questions: if it is easier, please let me know if it is possible to schedule an appointment with TurboTax this Monday morning.
2) When it asks for the value of the traditional IRA at 12/31/2022, I placed $0 since all of it was transferred to the Roth IRA. Is this correct?