Is excess contributions to an IRA caused by a roller still subject to a penalty?

 

Retirement tax questions

A rollover is not a contribution.  Did you also enter it under Deductions?  Take it out of Deductions and Contributions.  You only enter the 1099R.

dmertz
Level 15

Retirement tax questions

If you rolled over to an IRA an amount that was not eligible for rollover, say, an RMD or a distribution of excess contribution from a 401(k), that constitutes a new, regular contribution to the IRA and any portion of that that exceeds the amount that you are eligible to contribution as a new, regular contribution for the year would be subject to a 6% excess contribution penalty each year the excess remains unresolved.