DanaB27
Expert Alumni

Get your taxes done using TurboTax

Prior year Roth contribution are all your contributions you made to your Roth IRA minus any previous withdrawals (do not include any interest or earnings). Unfortunately, if you did not track this previously the you will have to go through your records to come up with the correct contribution amount.

 

When you requested the withdrawal with you bank did you request to withdraw the excess contribution and earnings? I yes, then your 1099-R should have the total distribution in box 1 and the earnings in 2a with codes J and 8 in box 7.  

 

When you are in the IRA contribution section, on the penalty screen you can enter how much of the excess contribution you withdrew by the due date. Then TurboTax will not calculate the penalty. 

 

Please keep in mind the earnings will be included in your taxable income and if you are under 59 1/2, then you will also pay the 10% early withdrawal penalty on this amount.

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