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Author: gsrays Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121482  
Subject: Back Door Roth IRA Question Date: 2/28/2014 12:10 PM
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My wife, 55, had only a Roth IRA. Our income does not allow more contributions to her Roth.

She opened a Traditional IRA, deposited $6500 and moved it the next day into her Roth. I read this was legal and called a "back door" Roth contribution.

H&R Block tax program now says we owe a $360 penalty for excess contribution. Is this a program error or did I misunderstand what I could legally do? So far, no reply from HR Block.

Thanks,
Jerry
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