topic Penalty for converting traditional IRA to Roth IRA in Retirement tax questions

Penalty for converting traditional IRA to Roth IRA

dianetullo — Wed, 11 Feb 2026 03:25:52 GMT

My husband converted $16,000 from a traditional IRA to a Roth IRA. We realize we owe taxes on this amount. However, after having several Turbo Tax people share my screen and watch how I entered all of the necessary information, I get a message that says we will have to pay a 6% penalty for contributing too much to the Roth IRA. It was not a contribution, it was a conversion. We were told we would not have to pay a penalty for converting this money.

Re: Penalty for converting traditional IRA to Roth IRA

VolvoGirl — Thu, 15 Feb 2024 22:27:43 GMT

Are you entering the amount you put in the ROTH under Deductions & Credits? It is not a new contribution. Just enter the 1099R.

Re: Penalty for converting traditional IRA to Roth IRA

dianetullo — Thu, 15 Feb 2024 22:55:41 GMT

That was where I made my mistake! Thank you so much for figuring out where I'd made my mistake, when I could not find it myself! My days of stress are over!

Re: Penalty for converting traditional IRA to Roth IRA

BBaker12 — Sun, 03 Mar 2024 22:40:15 GMT

Thank you very much for that information. I too was sweating the issue.