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Retirement tax questions
A rollover/conversion is not the same as a contribution. The rollover is entered into Turbotax via the 1099-R only. Delete the contribution, unless you also made a separate contribution of new funds that was not a rollover.
Your IRA contribution is limited to the amount of your compensation from working. Compensation is your W-2 wages plus your self-employment income minus the deductible portion of self-employment tax. If you are semi-retired and only working part-time, your IRA eligibility may be limited by that.
March 22, 2024
3:36 PM