401K rollover to Roth IRA and income limits for Roth contributions

[Amy105]

Hi,

Last year I rolled over my former employer's 401K account balance (pretax) to a Roth IRA account. This was reported in a 1099R with code G.  This has pushed MAGI to be over the limit for Roth contributions. Do my contributions to Roth IRA now in excess? I mean I understand that the rollover amount is taxable but does it count towards the income limit? I read conflicting information about it. Turbotax didn't say anything about excess contributions. I don't want to be penalized later, do I need to take out any contributions before filing?

Thank you!

[MinhT1 · Accepted solution]

You may be limited in your new contributions to a Roth IRA by your MAGI.

Please read this IRS document.

Your rollover from a 401(k) to a Roth IRA is taxable and is counted in your MAGI.

However, the rollover amount does not count as a contribution to a Roth IRA.