Hello,
I had an excess traditional IRA contribution for 2018. TurboTax generated Form 5329 and paid the 6% penalty for 2018 tax return. I realized the excess IRA contribution when I'm filing my 2019 tax return. I requested a withdrawal of the excess amount of $2,000 and received $1,950 on April 20, 2020.
In TurboTax, to the Question -
Excess Contributions Withdrawn
Did you withdraw any excess contributions made to a traditional IRA after the due date (including extensions) of last year’s return?
My answer should be YES. And then TurboTax removed 6% penalty on the excess IRA contribution.
Am I right?
Thanks!!
