Tax question (sorry) re: IRA contributions

[otowngirl]

Many of you might know that I lost my job at the end of 2011.  Shortly after my termination, I rolled over the 401K into a traditional IRA.  I also continued to make contributions to my Roth IRA. I didn't contribute the max to the Roth last year, but after entering everything in TurboTax, I was informed that I had exceeded the $5,000 maximum contribution between the 2 IRAs.

So my question in short -- do rollovers count toward the contribution limits? If so, what's the best way to get the contributions down to $5K without incurring some sort of penalty?

Thanks!

[SJ]

No the rollover doesn't count as a contribution. You should be ok!

[otowngirl]

The more I think about it, the more that makes sense. Thanks, SJ. *Shakes fist at TurboTax*

[peachdragon]

Turbotax is pretty confusing when it comes to rollovers.

Sent from my SPH-L710 using proboards

[LoveTrains]

No apologizing for tax questions! This is the MM board and we are happy to help.