Is there a limit on the amount of Traditional IRA that I can convert to Roth in 2024?

Forum|Forum|1 year ago
February 15, 2025
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Turbotax is saying I have excess Roth contribution

Best answer by VolvoGirl

You just enter the 1099R. What code is in box 7? After you enter the 1099R it will ask what you did with it. Pick you moved the money to another account even if you put it back into the same account.

Then check the box.... You did a combination of rolling over, converting or cashing out the money.

Then another box opens up...Amount converted to a Roth account.

It should show up as taxable on 1040 line 4b.

DO NOT enter it again under Deductions. It is not a new contribution to the ROTH.

AnnetteB6

No, there is not a limit for the amount that can be converted from a Traditional IRA to a Roth IRA.

However, remember that a conversion is not the same thing as making a contribution to your Roth IRA. You do not enter any information in your return to report that you have made a contribution to your Roth IRA if all you did was convert a distribution from your Traditional IRA. Delete the information you entered in the Roth IRA contribution section and the excess contribution issue should be solved.

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jlc51Author

Thank you for your response.

I know I must pay tax on the conversion, as the Traditional IRA money was pretax and Roth monies are aftertax. How do I get it into income on the 1040?

VolvoGirlAnswer

Employee

You just enter the 1099R. What code is in box 7? After you enter the 1099R it will ask what you did with it. Pick you moved the money to another account even if you put it back into the same account.

Then check the box.... You did a combination of rolling over, converting or cashing out the money.

Then another box opens up...Amount converted to a Roth account.

It should show up as taxable on 1040 line 4b.

DO NOT enter it again under Deductions. It is not a new contribution to the ROTH.