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Is excess contributions to an IRA caused by a roller still subject to a penalty?
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Is excess contributions to an IRA caused by a roller still subject to a penalty?
A rollover is not a contribution. Did you also enter it under Deductions? Take it out of Deductions and Contributions. You only enter the 1099R.
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Is excess contributions to an IRA caused by a roller still subject to a penalty?
If you rolled over to an IRA an amount that was not eligible for rollover, say, an RMD or a distribution of excess contribution from a 401(k), that constitutes a new, regular contribution to the IRA and any portion of that that exceeds the amount that you are eligible to contribution as a new, regular contribution for the year would be subject to a 6% excess contribution penalty each year the excess remains unresolved.