topic Problem with Ira conversion in Retirement tax questions

Problem with Ira conversion

steff6194 — Tue, 04 Mar 2025 17:47:53 GMT

I added 1099Rs for a rollover to traditional Ira and a conversion from this Ira to a Roth. I later added my yearly Roth contribution and the program says I exceeded my limit by the conversion amount?

Re: Problem with Ira conversion

VolvoGirl — Tue, 04 Mar 2025 17:52:26 GMT

You probably entered the conversion to the ROTH as a contribution under deductions. It is not a new contribution. Remove it from there. Only enter it from the 1099R nowhere else.

Re: Problem with Ira conversion

steff6194 — Tue, 04 Mar 2025 18:03:17 GMT

I only entered the amount of the yearly contribution in the deductions for the Roth. Prior to that it was asking for an explanation for recharacterization (which it wasn’t). Is there a problem with the form 8606?

Re: Problem with Ira conversion

DanaB27 — Tue, 04 Mar 2025 19:13:39 GMT

It seems you entered this as a recharacterization instead of a conversion.

Please go back to the IRA contribution section to remove the recharacterization:

Login to your TurboTax Account
Click on "Search" on the top right and type “IRA contributions”
Click on “Jump to IRA contributions"
Select “Roth IRA”
Continue until the "Tell Us How Much You Transferred" screen and delete your entry.

Please follow these steps to enter the conversion in TurboTax Online:

Click on "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R”
Click "Continue" and enter the information from your 1099-R
Answer questions until you get to “Tell us if you moved the money through a rollover or conversion” and choose “I converted some or all of it to a Roth IRA”
Select "Yes, all of this money was converted to a Roth IRA"