jssomerset
Returning Member

Backdoor ROTH and getting penalty for contributing to a ROTH because over income limit.

 

My income is too high for a ROTH.  In 2023 I contributed $6500 to a traditional IRA and immediately transferred it to a ROTH.  I followed all the instructions on TurboTax for a ROTH conversion. 

Now I’m being told that I made too much for a ROTH and will have a $390 penalty for every year I don’t take out the $6500.