bmsouth
Returning Member

Get your taxes done using TurboTax

Oh, I think I see. If I didn't make at least $6000 in compensation in a given year, then I couldn't have contributed up to $6000 in that year, so that form line 19 is zero for that reason. So that means that I'll continue to be penalized for that excess contribution every year until I distribute it out of the Roth or make enough compensation in a given year such that my allowable contribution for that year is at least as much as the excess contribution from several years ago. I'm not sure how a rollover got considered as an excess contribution tax-wise since the rollover was the only money that went into this particular Roth IRA, but that's really outside the scope of my question. I think I'm going to have to get some outside help to clear up my actual tax situation, since I'm not going to take a Roth distribution without knowing what all that entails, but you have answered my questions about whether or not the software is working correctly. It would have been helpful if the IRS forms included the information you gave me with the contribution tables, but that's out of Intuit's hands and maybe I just overlooked it anyhow.

 

That's all I needed. Thanks for your help.