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Retirement tax questions
No, you do not owe an additional 6% penalty. Please review your entries during the IRA contribution interview, it seems the excess amount got carried over. You do not have no longer an excess contribution because you withdrew the 2020 excess contribution plus earnings by the due date of the 2020 tax return.
- Login to your TurboTax Account
- Click on "Search" on the top right and type “IRA contributions”
- Click on “Jump to IRA contributions"
- Select “Roth IRA”
- Continue until you get "Enter your Excess Contributions" screen and make sure no amount is entered
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February 26, 2022
1:08 PM