Please make sure that when you enter the contribution in TurboTax that you also enter the withdraw of the excess contribution when TurboTax asks about it.
- Open your return
- Click “Deductions &Credits” on the top
- Click "I'll choose what to work on"
- Scroll down to “Traditional and Roth IRA Contributions” and click “Start”
- Select “Roth IRA”
- On the "You currently have a penalty" screen enter the contribution withdrawn ($6,000)
Yes, please check with your bank that this was a return of excess contribution and that there were no earnings in this short amount of time since to avoid the 6% penalty you have to withdraw the excess contribution plus earnings.
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