My 2018 distribution from a traditional IRA covered my RMD plus an additional amount for conversion to my Roth IRA. Turbo Tax concluded that the entire Roth "contribution' amount was excessive and subject to a penalty.
You'll need to sign in or create an account to connect with an expert.
It seems that you mistakenly entered the conversion under Deductions & Credits as a new regular contribution. Go back and remove it from there. The conversion is to be reported only by entering the code 7 Form 1099-R, indicating the amount that was RMD, then indicating the amount converted to Roth. Only the amount in excess of your RMD is permitted to have been converted to Roth.
It seems that you mistakenly entered the conversion under Deductions & Credits as a new regular contribution. Go back and remove it from there. The conversion is to be reported only by entering the code 7 Form 1099-R, indicating the amount that was RMD, then indicating the amount converted to Roth. Only the amount in excess of your RMD is permitted to have been converted to Roth.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
bhJogdt
Level 2
VAer
Level 4
bethfly
New Member
mcht
Returning Member
Cindy62707
Level 3
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.