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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

 
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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.

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