I received a letter from the IRS disallowing my 2015 IRA deduction. I had a 2007 nondeductible traditional IRA contribution of $5000; form 8606 generated. In 2015 Turbo Tax said I could convert $4370 of the $5000 to a traditional IRA contribution and it created a new 8606 for the difference of $730. I've re-ran TurboTax 2015 thinking I did something wrong but found no mistake. IRS says I can't convert. Who is wrong?
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No, it cannot be turned into a deductible contribution for a later year.
I suspect that your mistake was that you told TurboTax that you had an excess contribution. However, you had no excess contribution, only a nondeductible contribution. Examine line 4 of 2015 TurboTax's IRA Information Worksheet to see if you made this erroneous entry.
No, it cannot be turned into a deductible contribution for a later year.
I suspect that your mistake was that you told TurboTax that you had an excess contribution. However, you had no excess contribution, only a nondeductible contribution. Examine line 4 of 2015 TurboTax's IRA Information Worksheet to see if you made this erroneous entry.
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