topic If I rolled over my 401 to a traditional IRA and it was more than the allowed max contribution do I have to pay the penalty for it being over the max contribution? in Retirement tax questions

If I rolled over my 401 to a traditional IRA and it was more than the allowed max contribution do I have to pay the penalty for it being over the max contribution?

tam5ant — Fri, 07 Feb 2020 03:26:43 GMT

Re: If I rolled over my 401 to a traditional IRA and it was more than the allowed max contribution do I have to pay the penalty for it being over the max contribution?

VolvoGirl — Fri, 07 Feb 2020 03:29:32 GMT

No. You are entering it in the wrong place. It is not a new contribution. Do not enter it under Deductions. You only enter the 1099R you got from the 401K plan.

Enter a 1099R under

Federal Taxes on the left side

Wages & Income at the top

Then scroll way down to Retirement Plans and Social Security,

Then IRA, 401(k), Pension Plans (1099R) - click Start or Revisit

If you are filing a Joint return be sure to pick which person it is for.

Re: If I rolled over my 401 to a traditional IRA and it was more than the allowed max contribution do I have to pay the penalty for it being over the max contribution?

tam5ant — Mon, 10 Feb 2020 04:12:58 GMT

Thank you!! @VolvoGirl