DanaB27
Employee Tax Expert

Retirement tax questions

Yes, everything is good.

 

Yes, that is correct since you withdrew the excess contribution (with a loss) by the due date you don't need to enter the Roth IRA contribution.

 

Yes, TurboTax asks about the value in the IRA contribution interview because the 6% is calculated by the smaller of the excess contribution or the balance on December 31, 2022 (including 2022 contributions made in 2023). TurboTax will ignore the value on December 31, 2022, because your Roth contribution shows $0 since you removed it in time and therefore didn't enter it.

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