You will see an option to amend your return on your home page when you log into TurboTax. Look at the bottom of the page, under Your Tax Return and Documents. Click on the year you want to amend and choose the Amend (Change) option.
To enter a refund of excess IRA contributions in the current year follow these steps:
- Go to the personal income section of TurboTax
- Find the Retirement Plans and Social Security menu option
- Start or Update IRA, 401(k), Pension Plan Withdrawals (1099-R)
- Choose Add Another 1099-R
- Choose I'll type it in myself
- On the screen that says Tell Us Which 1099-R You Have choose I need to prepare a Substitute 1099-R
- Enter the distribution amount in box 1 of the substitute 1099-R
- Enter the earnings in box 2(a)
- Enter code "P" in box 7 *add code "J" if from ROTH IRA
- Enter your tax withheld in box 4, assuming it was paid in for 2023 taxes
- When asked about the year on the form 1099-R, say it is for the year following the year you are working on
You won't be penalized if you withdraw the excess contribution by the due date of your tax return.
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