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Retirement tax questions
It will increase your tax if you are not eligible to make the Roth IRA contribution based on your income for the year. That would mean that you have an excess contribution and you will pay a 6% excise tax on the excess until it is removed from the IRA.
Take a close look at the screens in the Roth IRA section of your return. If you do have an excess contribution, there will be messages to that effect along with information about how to fix the situation.
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‎April 3, 2021
11:35 AM