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Get your taxes done using TurboTax
If the excess Roth IRA contribution was made for 2021 or earlier, that's right. Make sure that the Roth IRA contribution basis carried in from 2021 includes the excess Roth IRA contribution made for 2021 or earlier so that TurboTax places the correct amount on 2022 Form 8606 line 22 to reduce the taxable amount to zero. The 2022 Form 5329 will show this same distribution on line 20, added to line 19 and that total subtracted from line 18.
You'll also need to make sure that you've filed 2021 Form 5329 to pay the 6% excess contribution penalty for 2021.
‎November 6, 2022
4:37 AM