I am 66 years old. I converted $40,000 from a traditional IRA to a Roth. Turbo tax is saying that I must pay a 6% penalty. Is that correct?

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I am 66 years old. I converted $40,000 from a traditional IRA to a Roth. Turbo tax is saying that I must pay a 6% penalty. Is that correct?

Enter the 1099-R in Federal > Wages and Income > Retirement. One of the follow up questions asks about Roth conversions.

Do not enter anything as a Roth contribution. If you did so, delete it.

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