Retirement tax questions

Please follow these steps to find the penalty screen the entry during the IRA contribution interview (where you entered your contributions):

1. Click on "Search" on the top right and type “IRA contributions”
2. Click on “Jump to IRA contributions"
3. Select “traditional IRA”
4. Continue until the penalty screen and make sure it is blank.

No, the you will pay the 10% penalty on the earnings of the excess contribution (shown in the retirement section). 

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