Unable to correct MAGI for Roth IRA contribution limit purposes
Updated: 5/08/2012
Article ID: SLN61770
In rare cases, TurboTax is unable to correctly recalculate the Modified Adjusted Gross Income (MAGI) figure for the purposes of determining your Roth IRA contribution limit.
You may be affected by this issue if:
- You initially entered a Form 1099-R that reported a conversion from a Traditional IRA to Roth IRA in 2011 and left the IRA/SEP/SIMPLE checkbox unchecked; and
- You incorrectly indicated that the distribution was from a Non-Qualified plan; and
- You later went back and selected the IRA/SEP/SIMPLE checkbox.
Workaround
TurboTax Online: Delete the Form 1099-R from your return, and then re-enter it.
TurboTax CD/Download software: Switch to Forms mode and select the Form 1099-R in question. Then clear the Check if NOT from a qualified retirement plan or IRA checkbox.