turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Why am I being charged a 6 % penalty on my conversion from a SEP IRA to a Roth IRA? I understand the need to pay ordinary income tax on the withdrawal but

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
DanaB
Expert Alumni

Why am I being charged a 6 % penalty on my conversion from a SEP IRA to a Roth IRA? I understand the need to pay ordinary income tax on the withdrawal but

Please make sure you only entered this information in the 1099-R and not again in under IRA contributions under Deductions & Credits.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies