kiminad
New Member

I over-contributed to my IRA so I withdrew the excess and earnings. When I enter the info in the IRA field on Turbotax, it reduces my refund by $300. What is going on?

Once I removed the excess, my contribution for the year is the allowable amount.  So it doesn't make any sense that my refund is being reduced by $300.  I tried a test and just entered the final amount and made no mention of excess contributions and my refund went back up.  I don't get it.  It seems like I'm getting charged a penalty even though I have removed the excess before filing.