If you have excess contributions to your Roth IRA, TurboTax will notify you if your enter your contributions in TurboTax even if they are not tax deductible.
In TurboTax, you can enter IRA contributions by following these steps:
- In TurboTax, open your tax return
- Click on Federal in the left-hand column, then on Deductions & Credits on top of the screen
- Scroll down to All Tax breaks, locate the section Retirement and Investments and click on Show more
- Click Start next to Traditional and Roth IRA Contributions.
The IRS can also find out as your Roth IRA custodian will have to issue a form 5498 in the following listing your IRA and Roth IRA contributions. This form 5498 is informational for you but is also filed with the IRS. The IRS may then notify you, sometimes years later.
Please read this TurboTax Help article on form 5409.
Any excess contribution not withdrawn before the due date of your tax return will bear an excise tax of 6%.
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