You will enter the contribution under IRA contributions and TurboTax will calculate automatically the penalty:
- Click on "Search" on the top right and type “IRA contributions”
- Click on “Jump to IRA contributions"
- Enter the contribution and go through the interview. You will also have to enter that you had an excess contribution from 2017 Form 5329 line 16. At the end TurboTax will tell you that you have a penalty.
To avoid the penalty in future years you only have to remove the excess contributions as a regular distribution (since it is after the due date you do not need to remove the earnings). Please contact your bank to request the distribution in the amount of all excess contributions.
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