topic The response provided me with a proper solution. I had e... in Retirement tax questions

Why do I owe a penalty for Excess contribution to Roth IRA when it was aconversion from a Traditional IRA to a Roth IRA?

r3al — Thu, 06 Jun 2019 06:51:28 GMT

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.

It seems that you mistakenly entered the conversion under...

dmertz — Thu, 06 Jun 2019 06:51:30 GMT

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.

The response provided me with a proper solution. I had e...

r3al — Thu, 06 Jun 2019 06:51:32 GMT

The response provided me with a proper solution. I had entered my conversion data under the Wages & Income section and later also enter the same data under the Deductions & Credits section. Removing it from the Deductions & Credits section solved the problem. THANKS!