I rolled over my 401k to an IRA and TT is saying that I contributed too much and have to remove the majority of the funds in the IRA or I will have a penalty. Correct?

babsdechant · ‎June 6, 2019

dmertz · ‎June 6, 2019

Do not enter this rollover anywhere under Deductions & Credits. Only enter the Form 1099-R and answer the follow-up questions. Go back and remove the entries that you made regarding this under Deductions & Credits -> Retirement and Investments -> Traditional and Roth IRA Contributions.

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dmertz · ‎June 6, 2019

Do not enter this rollover anywhere under Deductions & Credits. Only enter the Form 1099-R and answer the follow-up questions. Go back and remove the entries that you made regarding this under Deductions & Credits -> Retirement and Investments -> Traditional and Roth IRA Contributions.

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I rolled over my 401k to an IRA and TT is saying that I contributed too much and have to remove the majority of the funds in the IRA or I will have a penalty. Correct?