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Retirement tax questions
To confirm, you made an excess Roth IRA contribution for 2022 on 12/31/2022 and didn't remove it by the extended due date of the 2022 return? Then you should have requested a regular distribution without the earnings since it wasn't removed by the due date. If you removed the funds in 2024 then you will receive a 2024 Form 1099-R and will enter it on your 2024 return.
You will have to pay the 6% penalty for 2022 and 2023 (assuming you cannot apply the excess as a 2023 Roth contribution.)
On your 2022 return you will enter the Roth IRA contribution and TurboTax will automatically calculate the excess contribution. On the 2023 return you will follow these steps:
- 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 the total excess contribution from 2022.
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April 10, 2024
4:42 AM