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Deductions & credits
The problem is that I didn't correct the overfunding before April 15, 2024. So I owed a 6% penalty on the overfunded amount in 2023.
However, I withdrew that excess afterwards, so now in 2024, there is no remaining excess contribution.
But Turbotax refuses to allow me to indicate that:
So first I tell it there is no excess remaining, but then it sees that I had excess in 2023, and it says there is still excess remaining.
According to the help, I should be able to get rid of the excess by making a withdrawal, which is what I did:
But Turbo Tax doesn't give me an option to show that I withdrew the excess and take the 20% one-time penalty to clear the excess.
‎April 15, 2025
8:47 PM