No. you cannot ignore it. If your contribution was not allowed because your income was too low to make the contribution then. If that is the case then you must have the excess contribution returned to you before April 15 to avoid a penalty that will repeat each year until removed.
Again. when you go through the IRA contribution interview, what does the last screen say?
Is there a 5329 form included in your tax return? - If there is what line is there an entry on?
Is there a 8606-T form? What is on line 1?
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
