Penalty for converting traditional IRA to Roth IRA

[dianetullo]

My husband converted $16,000 from a traditional IRA to a Roth IRA.  We realize we owe taxes on this amount. However, after having several Turbo Tax people share my screen and watch how I entered all of the necessary information, I get a message that says we will have to pay a 6% penalty for contributing too much to the Roth IRA. It was not a contribution, it was a conversion. We were told we would not have to pay a penalty for converting this money.

[VolvoGirl · Accepted solution]

Are you entering the amount you put in the ROTH under Deductions & Credits?  It is not a new contribution.  Just enter the 1099R.  

[dianetullo]

That was where I made my mistake! Thank you so much for figuring out where I'd made my mistake, when I could not find it myself! My days of stress are over!

[BBaker12]

Thank you very much for that information.  I too was sweating the issue.