DanaB27
Expert Alumni

Retirement tax questions

The Roth value question (including the contribution for 2022 made in 2023) will only come into play if your total value would be less than the excess contribution made. TurboTax always asks this question if you made an excess contribution, it doesn't trigger the excess contribution. In your case, TurboTax will use the excess contribution for 2022 to calculate the 6% penalty (the smaller of the two values).

 

As mentioned above did you have enough taxable compensation to make a contribution?  Or is your MAGI too high to make the Roth IRA contribution? These two factors will trigger if the $6,000 is an excess contribution (or part of it).

 

@999dwdw 

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