My work abruptly ended our 401k program at work, so my financial advisor said I could roll over the money I had in there into my active Roth IRA account. This caused the total amount of money I put into the Roth IRA account to exceed the yearly allowable of $5500.00. Does this extra money amount from the 401k roll over count as an "excess Roth contribution" that I need to enter in the deductions/credit section? I already had to enter the 401k roller over in the Income section and it has caused me to owe a lot of money unexpectedly as I did not realize I would be taxed on it since it was just a roll over.
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A rollover is not counted as a new contribution and does not count in the allowable limit to contribute to an IRA or Roth IRA.
A rollover is not counted as a new contribution and does not count in the allowable limit to contribute to an IRA or Roth IRA.
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