PatriciaV
Employee Tax Expert

Retirement tax questions

Yes, TurboTax will help you report the excess contribution and the withdrawal. You'll find this topic under Deductions & Credits >> Retirement... >> Traditional and Roth Contributions.

 

Follow the interview to enter your Roth IRA Contributions. A few screens later, TurboTax will ask if you have any excess Roth contributions, and how much of the excess contribution you will withdraw before the due date of your tax return (look for a page titled "You Currently Have a Penalty"). After you enter the amount you withdrew (or will withdraw), the appropriate adjustment is made.

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