I have a similar situation. My Roth IRA contribution for 2021 was limited to a fraction of the $7000 due to earnings. I too discovered this while preparing my 2021 taxes using TurboTax. Note: I am over 59.5 years old.
I contacted my brokerage and had them remove the excess contribution plus the earnings so that I would not have to pay the 6% penalty. My question is how to enter this into TurboTax.
If I create a 1099-R in advance for the removal of the excess contribution and enter this into turbo tax, do I enter in the net contribution ($7000 - excess contribution removed) into the ENTER Your ROTH IRA CONTRIBUTIONS
and $0 for excess contributions?
Thanks in advance for your assistance!
