Hello, I see that this question was asked before and marked as solved but the expert instructions to follow are different from what I am seeing (Turbotax premier).
I am a high income earner whose income is above the Roth limit. I put $8000 (50+ in age) into a Traditional IRA and moved it into a Roth IRA the following day. Have been doing this the last few years but never had this problem before.
These are the screens I see
Is this the repayment of a retirement distribution? No
Tell us how much you contributed $8000
Tell us how much you transferred $8000
Your IRA explanation statement - entered details with dates
Any excess IRA contributions before 2024? No
Any nondeductible contributions to IRA? Yes - made and tracked non-deductible contributions to IRA
IRA Basis - Amount as of Dec 31, 2023
Your income is too high to contribute (warning - seen it in prior years)
You currently have a penalty - $480 (new message not seen in prior years)
Any advice is appreciated, thank you!
