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URL:  https://boards.fool.com/my-wife-55-had-only-a-roth-ira-our-income-does-31142821.aspx

Subject:  Re: Back Door Roth IRA Question Date:  2/28/2014  1:14 PM
Author:  TMFPMarti Number:  120287 of 130422

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.


It's no doubt GIGO, but there's not enough info to figure out exactly where you went awry. So, some questions:

1. What specific date(s) did these transactions occur?
2. Are you using interview or forms entry method?
3. What information document(s), e.g., 1099, did you receive?
4. Does the program know her age?
5. When you look at the return, is there a Form 8606? If so, what numbers appear on what lines?
6 What numbers are on lines 15a and 15b of the 1040?
7. What amount is on line 32 of the 1040?
8. What numbers are on what lines of Form 5329?

Phil
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