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Level 1
June 6, 2019
Solved

Roth IRA rollover

  • June 6, 2019
  • 1 reply
  • 7 views
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.
Best answer by dmertz

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.

1 reply

dmertzAnswer
Level 15
June 6, 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.