I had an excess Roth IRA contribution carried forward from 2019 (tax was paid on the excess at that time and no contributions were withdrawn) that I would like to carry forward and contribute toward my 2020 contribution limit to eliminate the excess. However, I am receiving an error "IRA Contributions Worksheet: Line 27 - Taxpayer's excess Roth IRA contribution credit should not be more than zero."
2019 excess contribution = $E
2020 new contribution = $X
$E+X is less than my contribution limit for 2020
In the IRA Contributions Worksheet, Lines 19 and 24 currently have a value of $X, Line 26 = $E (excess), and Line 27 = $E+X. The value in Line 26 is highlighted in red indicating an error.
Can anyone help me understand the error and how to update the worksheet to indicate that I am applying this excess from last year toward my 2020 Roth IRA contribution to eliminate the excess? Thanks!
