A 457 (City job) was rolled over to a Roth IRA when employment ended (over $30,000). Entered as rollover, distribution code G. We did not put this as IRA contribution in the section for IRA contributions. Now we owe a lot of money. We need to pay taxes on this $, even though it was rollover? Is this because it did not go into an employer sponsored plan (pre-tax)? I want to make sure I'm not missing something to help with what we owe. Even if this is correct, this will not count as a contribution, correct? Because it's a rollover? I want to make sure we aren't charged a penalty for being over the contribution limit.
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