Question

Why do my tax return shows `Penalty on early withdrawal of savings` when I didn't withdraw from Retirement Accounts?

Forum|Forum|1 year ago
March 29, 2025
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Did you enter a 1099-R?

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anupam-kanyalAuthor

Yes, I did. My wife and I are filing jointly, and we both have a 1099-R for a backdoor Roth conversion.

Make sure you check the box in the 1099-R interview to indicate that you rolled over the funds reported on the 1099-R.

Here are the full instructions to report a Backdoor Roth: How do I enter a backdoor Roth IRA conversion?