- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
Thank you so much DianeW777: Excess accumulations occur when you have contributed more than you are allowed in a given tax year to your retirement account. The earnings on that excess contribution would accumulate interest. This is what is referred to as 'excess accumulations' in any retirement account.
******************************
I did not make any contributions to my IRAs in 2024, in fact no contributions to IRAs since 2014 yet Turbo Tax shows tax on excess accumulations for a significant amount. I don't know where they are getting this info from and T. Tax does not offer a way to analyze this and find out where it came from.
‎January 25, 2025
8:23 AM