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Get your taxes done using TurboTax
@madben wrote:
I am wondering why it doesn't ask my 2019 contribution, deductible or nondeductible. Does the Deluxe version always treat the current year contribution as deductible?
Because that section of the interview is asking of a 5329 imposing a 2019 6% penalty on a *prior* years excess needs to be added. Any 2019 excess for a 2019 contribution that you enter will be alerted that it is excess and needs to be removed. You have until July 15, (or Oct 15 if you file and extension) 2020 to have the financial institution that holds the IRA, return that excess and if removed you simply don't enter it at all, since removing it before those dates is the same as never contributing it.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
‎July 7, 2020
8:06 AM