If I rolled over money from a 401k account causing me to go over my yearly allowable contribution of $5500.00, is that considered an excess Roth IRA contribution?

[krashley2005]

My work abruptly ended our 401k program at work, so my financial advisor said I could roll over the money I had in there into my active Roth IRA account. This caused the total amount of money I put into the Roth IRA account to exceed the yearly allowable of $5500.00. Does this extra money amount from the 401k roll over count as an "excess Roth contribution" that I need to enter in the deductions/credit section? I already had to enter the 401k roller over in the Income section and it has caused me to owe a lot of money unexpectedly as I did not realize I would be taxed on it since it was just a roll over.

[MinhT · Accepted solution]

A rollover is not counted as a new contribution and does not count in the allowable limit to contribute to an IRA or Roth IRA.