If I rolled over my 401 to a traditional IRA and it was more than the allowed max contribution do I have to pay the penalty for it being over the max contribution?

[VolvoGirl · Accepted solution]

No.  You are entering it in the wrong place.  It is not a new contribution.  Do not enter it under Deductions.  You only enter the 1099R you got from the 401K plan.

Enter a 1099R under

Federal Taxes on the left side

Wages & Income at the top

Then scroll way down to Retirement Plans and Social Security,

Then IRA, 401(k), Pension Plans (1099R) - click Start or Revisit

If you are filing a Joint return be sure to pick which person it is for.

[tam5ant]

Thank you!! @VolvoGirl