Roth IRA rollover

ketcham-scott · ‎June 5, 2019

I had a rollover contribution to my Roth IRA account that is over the maximum for IRA contributions. However, since this is a rollover, it is not subject to the maximum contribution penalty. Where does TurboTax address this? I keep getting to the Roth IRA contribution section that keeps stating I exceeded the maximum contribution.

dmertz · ‎June 5, 2019

This is not a new regular IRA contribution. Do not enter it anywhere under Deductions & Credits. Go back and remove it from there. It is to be entered only under Wages & Income -> Retirement Plans and Social Security -> IRA, 401(k), Pension Plan Withdrawals (1099-R), after which you must answer the follow-up questions.

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dmertz · ‎June 5, 2019

This is not a new regular IRA contribution. Do not enter it anywhere under Deductions & Credits. Go back and remove it from there. It is to be entered only under Wages & Income -> Retirement Plans and Social Security -> IRA, 401(k), Pension Plan Withdrawals (1099-R), after which you must answer the follow-up questions.