turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

gmceburns
Returning Member

TT Deluxe says I owe a penalty for a Roth Conversion. Why?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies

TT Deluxe says I owe a penalty for a Roth Conversion. Why?

Did you also enter it under Deductions & Credits like a contribution?  Only enter the 1099R, nowhere else.

gmceburns
Returning Member

TT Deluxe says I owe a penalty for a Roth Conversion. Why?

I entered the 12099-R under Wages & Income only, not as a contribution under Deductions & Credits.  Is that correct?  Or should I enter it under Deductions & Credits and not under Wages & Income?

Thank you very much.

TT Deluxe says I owe a penalty for a Roth Conversion. Why?

Only enter the conversion in the 1099-R entry section and nowhere else.  What code was in box 7 of the 1099-R ?   Did you complete all the questions in the 1099-R entry section to indicate the conversion? 

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question