I have IRA1, IRA2 and RothIRA (all on Vanguard)
Entering information in these two sections...
Eventually I get to a "Your IRA Contribution Isn't Permitted" page (covered by plan at work). Then it talks about a 6% penalty on the contribution every year it remains in the IRA.
I followed TurboTax Help's "How do I enter a backdoor Roth IRA conversion?" TurboTax Desktop option.
Step 1-10 says: "When you reach the Choose Not to Deduct IRA Contributions screen, select Yes, make part of my IRA contribution nondeductible, enter the amount you contributed, then select Continue. If none of your contribution can be deducted, you will not see the option to make part of it nondeductible. Instead, the full amount of your contribution will automatically be nondeductible."
I never see this screen. What am I missing?
Thank you.
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Figured it out I think. I did this before entering w2 information. Of course, if you don't enter earned income, then it will flag it as excess contributions. After entering that, it seems to be corrected. Form 5329 is no longer showing excess contributions. Still haven't finished everything so the final review hasn't been done yet.
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