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Final steps in Roth Ira Excess Contributions in TurboTax
Hello. Thank you in advance. I tried to find this answer with no luck.
We have a Roth IRA and did not know about the income limitations. We overfunded by $300 in 2021 and by $20 in 2021.
We reached out to our broker and they will refund the excess.
I saw where in TurboTax to indicate in 2020 that I am receiving the money back. I entered that $300 was returned to me. I have not filed yet so I am clear there.
My question is they said my Excess Earnings on my Contributions for 2020 was $146.00 and for 2021 was $0.59. I am not quite sure what I should do with these numbers. Does the 2020 number go anywhere on my tax return?
Can anyone help? THANK YOU!!!!
We have a Roth IRA and did not know about the income limitations. We overfunded by $300 in 2021 and by $20 in 2021.
We reached out to our broker and they will refund the excess.
I saw where in TurboTax to indicate in 2020 that I am receiving the money back. I entered that $300 was returned to me. I have not filed yet so I am clear there.
My question is they said my Excess Earnings on my Contributions for 2020 was $146.00 and for 2021 was $0.59. I am not quite sure what I should do with these numbers. Does the 2020 number go anywhere on my tax return?
Can anyone help? THANK YOU!!!!
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ā€ˇFebruary 5, 2021
9:30 AM