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Get your taxes done using TurboTax
You can only withdraw the amount of the excess contribution and have it not be taxable. Since you didn't have any earnings since you made the contribution, you wouldn't have to pay any tax on earnings.
So, when you enter your IRA contribution in TurboTax, you will be notified that you made an excess contribution and need to withdraw it, and check a box to say you will or did do so. That is all you need to do.
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March 25, 2020
4:12 PM
5,061 Views