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How to Eliminate Excess Roth IRA Contribution 6% Add'l Tax after withdrawl
Taxpayer made an ineligible/excess $7500 contribution to Roth IRA in 2023 due to MAGI limits. The excess was withdrawn in Feb '24 before filing for 2023. After initially entering this contribution, Turbotax generated a Form 5329 and 6% additional tax. Now that it's been withdrawn, I want to eliminate this 6% tax, but don't see anywhere in the step-by-step dialogue to describe this scenario.
‎February 15, 2024
8:24 AM