DanaB27
Expert Alumni

Retirement tax questions

Yes, you will enter $0 for the question if you had any excess contributions in 2020 or prior years. You will enter the $6,000 as removed on the penalty screen. 

 

Since you did not have any earnings on the excess contribution you have completed the withdrawal of the excess contribution and won’t incur the 6% penalty for 2021.

 

Next year on your 2022 tax return you will enter $0 for the question “Your Excess Roth IRA Contributions for Prior Years.” Because you removed the excess in time and did not have earnings.

 

@monicaolala

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