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Reply to "roth IRA conversion/tax question"
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[quote=Anonymous][quote=Anonymous]I am using TurboTax and cannot find figure out how to do it. But I will put in that I contributed 6500 and converted 6501. It was saying I would have a 6 percent penalty on the overage and that I should try to withdraw it, which I cannot do. My 1099-r says $6501.[/quote] Are you listing the $6501 in the conversion field or the distribution field? The answer to q1 should be 6500, Q2 should be 0, q4 and q5 should be dependent on the timing of the contribution, q6 and 7 should be 0, q8 should be 6501, q11 should be 6500. Move that to line 17. Line 18 should be $1. TurboTax makes the form a bit more confusing than necessary IMO. See if you can open up the 8606 and see where your answers are being input on the form. [/quote]
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