Thank you for the quick reply.
I am using Turbotax online version and when following the instructions below to prepare my 2022 tax return, I can follow up to the 1, 2, 3 bullet point, but the 4th bullet point, turbotax prompt ask "Did you make a Roth IRA contribution for 2022?" instead of "Do you have excess Roth IRA contribution". Please help here, thanks.
Yes, you will have to fill out 2022 Form 5329 part IV to calculate the 6% penalty on the 2020 + 2021 excess contribution (without earnings/loss). You can use these steps to enter it into TurboTax:
- Click on "Search" on the top right and type “IRA contributions”
- Click on “Jump to IRA contributions"
- Select “Roth IRA”
- On the "Do you have any Excess Roth Contributions" answer "Yes"
- On the "Enter Excess Contributions" screen enter 2020 + 2021 excess contribution.
