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Retirement tax questions
TurboTax is behaving correctly. The piece of information that you are missing is that the tax code does not permit IRRs to be subtracted from AGI when calculating the MAGI for making a Roth IRA contribution. Only the taxable amount of Roth conversions and rollovers from traditional accounts in qualified retirement plans to a Roth IRA are to be subtracted. Unfortunate, but true. (26 U.S. Code § 408A(c)(3)(B)(i))
(The designated Roth account in a qualified retirement plan is not a Roth IRA.)
February 22, 2024
4:00 PM