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April 14, 2023
Question

Rollover employer 401k to IRA and Roth IRA

  • April 14, 2023
  • 1 reply
  • 0 views

My wife took an early retirement.  She is under age 50 and in 2022 rolled her former employer sponsored 401k to a traditional IRA and a Roth IRA.   Turbo tax is indicating we have a penalty for excess contribution.  How can we get back under the allowable limit?

    1 reply

    Employee
    April 14, 2023

    Nothing about this is to be entered under Deductions & Credits.  Go back and remove it from there.  It is not a new retirement contribution.  Enter it only by entering the Form 1099-R and answering the questions that follow that entry.