@Kt34 wrote:
I filed in 2018 with turbo tax, and it stated that I had violated the maximum deposit to my ROTH IRA in that year, and needed to pay a fine of $300 to the government. I didn't question this until recently when I talked to both the IRS and the bank with which I opened my ROTH IRA to find that there was no violation. I want to get my $300 back. I submitted a request to download the turbotax software to make an amendment, and it never arrived (digitally via email, I'm assuming) following the two week wait period. What do I do? I'm a student, and this money makes a big difference in my livelihood.
TurboTax makes that determination based on the information that you gave it. You did not say why TurboTax said it was an excess contribution (the most common is that you did not have enough taxable compensation to support a contribution basis on the income you entered, but there can be other reasons).
You bank cannot possible know if it was an excess or not since they do not have your tax return and banks do not do taxes. Unless the IRS was actually looking at yiur tax return then they could also not know.
If you reported it incorrectly then the remedy is to file an amended return with the correct data that does not show the penalty.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
