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Get your taxes done using TurboTax
It seems you have entered that you had an excess contribution in previous years and TurboTax wants to absorb this excess in 2022.
Did you have an excess contribution in prior years? If not then you might want to check your 2021 tax return to verify that you didn't pay the 6% penalty on Form 5329 or check Schedule 2 line 8.
If you didn't have an excess in the prior year then follow these steps 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 and delete the entry.
If you indeed had an excess that wasn't removed follow these steps:
- 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 enter the total excess contribution from 2021 (if it wasn't carried over).
- On the "How Much Excess to 2022?" screen enter $660 (according to the screenshot provided).
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April 8, 2023
12:13 PM