Do I have a penalty for an excess IRA contribution if it was a rollover payment from my previous retirement account? Is there a different form I need to fill out?
Do I have a penalty for an excess IRA contribution if it was a rollover payment from my previous retirement account? Is there a different form I need to fill out?
If your IRA contribution was a rollover from a previous retirement account, you generally won't face a penalty for excess contributions, as long as the rollover was completed within 60 days. However, if the rollover violates the one-rollover-per-year rule, you may incur a penalty.
You should get a Form 1099-R from your IRA custodian which reports the rollover. TurboTax can help guide you to enter it. Follow the instructions here to complete forms to report rollover.