Solved
How do I fix this error? I turn 50 this year. I did a Roth rollover for $8000 and TT is flagging it as an excess contribution with penalty because it exceeds the $7000
I am able to contribute $8000 as I am turning 50.
Only enter it from the 1099R you will get. Do not enter it under Deductions IRA. It is not a new contribution. Delete it from there. And it is not a rollover, it is a Conversion. It will be taxable.
You should get the 1099R by Jan 31. Enter a 1099R under
Federal Taxes on left
Wages & Income
Then scroll way down to Retirement Plans and Social Security
Then IRA, 401(k), Pension Plan Withdrawals (1099-R) – Click Start
If you are adding another 1099R there might be a Add button at the bottom of the list.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
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