My income is too high for a ROTH. In 2023 I contributed $6500 to a traditional IRA and immediately transferred it to a ROTH. I followed all the instructions on TurboTax for a ROTH conversion.
Now I’m being told that I made too much for a ROTH and will have a $390 penalty for every year I don’t take out the $6500.
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Please make sure that you don't enter the conversion as a Roth IRA contribution in the IRA contribution sections. A conversion is entered in the retirement section.
Please review the steps on how to enter the nondeductible tradition IRA contribution and conversion here: How do I enter a backdoor Roth IRA conversion?
A Conversion is not a Contribution. Only report the conversion via the 1099-R.
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