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Get your taxes done using TurboTax
I'm currently using the Windows version of TurboTax but I think I figured out why it was calculating a 6% penalty on the $3800 I already withdrew.
I entered a $6000 contribution for 2020. When asked for 'Enter Excess Contributions: Your Excess Roth IRA Contribution for Prior Years' I had entered $3800. I assume prior years refers to tax years 2019 and earlier and should not include the excess contribution made in 2020. In the next 'You Currently Have a Penalty' screen, I should input $3800 as the amount for "Contribution Withdrawn Before Due Date of Your Return"
Does this sound right?
‎April 4, 2021
11:07 PM