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

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

Roth conversion is being treated by Turbotax as a contribution. How do I correct that as am being assessed a penalty for excessive IRA contribution?

Tried repeatedly to go back and edit, but I am still told at the end that a penalty still applies for excessive “contributions” when no contributions were made.
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.

1 Reply
AnnetteB6
Employee Tax Expert

Roth conversion is being treated by Turbotax as a contribution. How do I correct that as am being assessed a penalty for excessive IRA contribution?

Be sure that you have not entered anything in the Traditional and Roth IRA Contributions section of your return pertaining to the Roth IRA.  

 

A conversion is not the same thing as a contribution and if you converted a Traditional IRA distribution to a Roth IRA, then entering the Form 1099-R reporting the distribution from your Traditional IRA and answering the follow-up questions to show it was converted is all that is required with respect to the Roth IRA.

 

If you made the Traditional IRA non-deductible contribution during 2023, then that will be entered as a contribution.  

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies