DanaB27
Expert Alumni

After you file

Generally, you will need to pay before you can print your return in TurboTax Online and you cannot override anything. After you paid you should be able to select the returns and the worksheets in the Print Center (under Tools in the left tab). Then a window will pop up with your return.

 

Please be aware, that you can only make IRA contributions if you have earned income (taxable compensation).  Income from retirement, dividends, and other unearned income won't count.

 

If you had an excess contribution then this excess contribution is taxed at 6% per year for each year the excess amounts remain in the IRA. The tax can't be more than 6% of the combined value of all your IRAs as of the end of the tax year.

 

To avoid the 6% tax on excess contributions, you must withdraw:

 

  • the excess contributions from your IRA by the due date of your individual income tax return (including extensions); and
  • any income earned on the excess contribution.

 

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