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Retirement tax questions
Ok ... in the TT program ... in the IRA input section... if you enter your ROTH contributions the program will let you know if you put in too much so you can withdraw the excess and avoid a penalty.
If you do NOT enter your ROTH contributions in the TT program then when the IRS gets the form 5498 reporting the ROTH contributions they will figure out if the contribution was not allowed ... if you wait for the IRS to figure it out it will cost you more in penalties. So better to do this yourself.
‎January 15, 2023
5:32 PM