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Deductions & credits
another reason to enter it in Turbotax is so that it can determine if the contribution was excessive. such excess must be withdrawn by the due date of the return or you'll owe a penalty Form 5329. If you don't enter it Turbotax can't do the computation but because the IRS is informed it will be able to determine if there is an excess and then bill you for the penalty
‎November 5, 2021
10:20 AM
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