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Turbo Tax Question "Withdraw from Roth IRA Before 2022?"
I made excess contributions to my Roth IRA in 2020. I withdrew the excess contributions in 2021 before filing to avoid the penalty. Entered the 1099-R on my return and was taxed on the gains. Bottom line...did what I was supposed to do to fix the error.
On this year's return (2022), when entering my 2022 Roth contributions Turbo Tax is asking me if I "Withdraw from Roth IRA Before 2022?"
Do I answer "Yes" because I actually did, or "No" because I corrected the situation in 2021? In other words, is the intent of this question to identify unauthorized withdrawals or should I being reading it literally?
Thank you.
March 10, 2023
7:53 AM