I had a Traditional IRA that distributed its assets to its investors and closed.
The funds were trustee transferred to a new TIRA.
The same day the funds were converted to a new Roth IRA.
I have 1099-R for the TIRA distribution to the Roth.
Turbo Tax said part of my contribution to the Roth IRA is not allowed for two reasons:
1. The contribution is over the $6,500 limit (I’m over 50) and
2. I don’t have enough earned income (my contribution must be equal to or less than my earned income).
I don’t know that I have answered the Turbo Tax questions correctly.
I believe I need to re-characterize some of the Roth contribution.
I don’t know exactly how to enter this into Turbo Tax.
The instructions I received from TurboTax do not exactly fit the format of my updated software so I may enter the date correctly.
How shall I proceed?
Thank you. Tom
