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Get your taxes done using TurboTax
If it is calculated in part IV of Form 5329 then this means you had an excess contribution entry carried over. You removed the 2021 excess contribution before the deadline therefore you need to delete the entry:
- Click on "Search" on the top right and type “IRA contributions”
- Click on “Jump to IRA contributions"
- Select “Roth IRA”
- On the "Do you have any Excess Roth Contributions" answer "Yes"
- On the "Enter Excess Contributions" screen delete the excess contribution amount for 2021 that was carried over.
You might have to check your 2021 tax return if you had wrongly the 6% excess contribution penalty. If yes, then you will have to amend your 2021 tax return and enter that you withdrew the 2021 excess contribution before the due date:
- Click on "Search" on the top right and type “IRA contributions”
- Click on “Jump to IRA contributions"
- Select “Roth IRA”
- Continue to the penalty screen and enter the 2021 excess contribution (without losses).
To confirm the only Form 1099-R you have is with code PJ, correct with $260 in box 1 and $0 in 2a?
Did you ever remove the 2020 excess contribution mentioned above in last year's post?
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March 8, 2023
5:28 AM