DanaB27
Expert Alumni

Retirement tax questions

To clarify, you contributed more than $7,000 to the traditional IRA for 2024 and therefore you have a $20 excess contribution?

 

If you have gains before converting the funds to Roth then you can just move them with the contribution, this is not an excess and you do not need to remove them. 

 

Please make sure you do not enter a Roth IRA contribution or selected switched to Roth IRA in the IRA contribution interview. The conversion is only entered in the retirement section when you enter the 1099-R.

 

Please review How do I enter a backdoor Roth IRA conversion?

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