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BobK59
Level 2
April 2, 2021
Solved

Basic IRA to Roth Conversion - is 5329-T required and 6% tax

  • April 2, 2021
  • 2 replies
  • 0 views

Hi,

I did a basic IRA to Roth conversion in 2020.

TurboTax is including the form 5329-T and imposing a 6% tax for excessive ROTH contributions.

I'm over 59-1/2 so there's no 10% penalty.

I was told that this 6% is not required.

Is this a TurboTax bug?

TIA

 

    Best answer by dmertz

    This is not a regular Roth IRA contribution.  Nothing about this Roth conversion is to be entered anywhere under Deductions & Credits.  Revisit and remove the erroneous entry that you presumably made there.

    2 replies

    B
    BobK59Author
    Level 2
    April 2, 2021

    To add more detail here.

     

    I took about $60k from an IRA. Say the IRA value was $200k total. So only a partial conversion.

    TurboTax seems to want to add a 6% tax for excess Roth contributions. Form 5329-T

    Did I somehow mess up a question when entering the 1099-R?

    I see form 8606 discussed with possible issues.

    Are there corrections on 8606 which will show this as a conversion and not a roth contribution?

    TIA

     

     

    D
    dmertzAnswer
    Level 15
    April 2, 2021

    This is not a regular Roth IRA contribution.  Nothing about this Roth conversion is to be entered anywhere under Deductions & Credits.  Revisit and remove the erroneous entry that you presumably made there.

      B
      BobK59Author
      Level 2
      April 2, 2021

      Thanks for the reply.

      You nailed it.

      I had entered it as a contribution too.

      Removing that, fix it.

      Have a great day!

       

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