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Excess Roth Contributions Over 2 Years
I had 2 excess contributions to my Roth IRA in 2020, and 1 excess contribution in Jan. 2021. I discovered the 6% penalty while doing my 2020 returns and withdrew all the contributions plus earning before filing last year. I did not report any Roth activity on my 2020 returns as I planned to do an amended 2020 once the 1099-R was received. Now that I have received my 1099-R with the total distribution, the statement has a code of Q, not a code P for excess contributions. I am over 59.5 so no penalty for that but I do owe tax on the earnings that were withdrawn in early 2021. How would I do this in TurboTax? I am stumped on how to handle this situation.
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March 4, 2022
12:09 PM