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Get your taxes done using TurboTax
My situation is similar to OP. I contributed $7000 to my Roth in May 2020. Turbotax tells me I exceeded AGI limit and can only contribute $5630 ($1370 excess). Just a few days to tax day so I went ahead and contributed same amount to my wife's Roth ($5630). Turbo tax was no help, but I figured out the earnings formula on the excess contribution ($431) and withdrew both from my account ($1801). Followed advice on this thread to generate a 1099-R for 2021, P & J codes. Now TT has increased my AGI meaning that $5630 was now $300 too high and now both accounts have excess contributions! This is creating a mess. Did I do something wrong?
May 14, 2021
9:57 AM