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Retirement tax questions
Thanks so much @DanaB27 for your help!
On the 2022 return, just to make sure I am following correctly, this is what I think should happen for the above scenario (max excess contributions for 2020, 2021, 2022, 2023, all now removed):
1. Jump to "IRA Contribution section"
2. Select "Roth IRA"
3. On the "Enter Your Roth IRA Contributions" screen, enter $7000 (this covers 2022)
4. Click through and answer questions ...
5. On the "Enter Excess Contributions" screen, enter $14000 (this covers 2020 and 2021)
6. On the "How Much Excess to 2022" screen, enter $0 (not trying to contribute anymore!)
7. On the "Tell us the Value of your Roth IRA" screen, enter the 12/31/22 account value.
8. On the "Contributions Withdrawn Before the Due Date" screen, enter $7000 (this is ONLY the 2022 excess, even though the others were also withdrawn before April 18, 2023)
Does this seem correct? TurboTax computes a penalty of $840 with these numbers, which matches my expectations (2020 $7K + 2021 $7K) * 6% = $840.
Thanks!