- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
Yes, you will have to remove the excess plus any earnings to avoid the 6% penalty. If you had a loss then the distribution will be less than the contribution but you will still enter the full excess contribution amount as withdrawn on the penalty screen .
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎April 11, 2022
9:38 AM
2,005 Views