- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
When did you perform the conversion?
The $186 excess will be taxable but should also result in a 6% penalty for this year and every year after until it is withdrawn.
Did you really contribute $186 excess, or is that the amount of earnings included in the conversion? That's not an excess contribution, because conversions and rollovers are not considered contributions. It's just a gain in value in the account so it's taxable when you convert.
‎April 3, 2025
11:53 AM