Hello and sorry, I am getting frustrated with the program but maybe it is my fault.
I have no earned income but I contributed 8k to a Roth IRA in January 2024. I now realize I cannot make any contribution.
I entered the Excess amount in TurboTax Deluxe and it calculated tax on this 8k in addition to money I withdrew from a Rollover IRA as spending money. I also indicated I was withdrawing that same excess 8k amount (will do it this year but before April 15, 2025). But it did not recalculate the tax I owe. What am I missing?
I believe I have to create a 1099-R to show the interest I made on that excess contribution so that this can be taxed?
Thank you very much.
Gerry
