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Removing Excess Roth IRA Contribution Penalty
I fully funded 2021 Roth IRA's for myself and my husband, who is not employed, in March 2021. We are both over 59 - 1/2. In April 2021, I realized that my earned income for the year would be less than the $14,000 in contributions so I withdrew the excess contribution from MY Roth IRA (because my husband was not home at the time to authorize the transaction on his account). My 1099-R shows codes 8 and J. I am attempting to enter the Roth IRA information in Turbotax under "Deductions and Credits-Traditional IRA-Roth IRA" and it is showing that my husband has an excess contribution for which we are charged a penalty. How can I correct this?
‎February 24, 2022
3:38 PM