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Retirement tax questions
1. Yes, you can put $0 as the contribution for 2024 or enter your contribution and then tell TurboTax on the penalty screen at the end of the IRA contribution interview that you removed it by the due date. Both methods work.
No, you will not enter the $6,500 "Enter Excess Contributions for Prior Years". You removed the 2023 excess plus earnings before the due date, therefore, you no longer have an excess contribution.
2. You don't apply any excess to 2024 since you removed the 2023 excess plus earnings before the due date.
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‎February 10, 2025
8:22 AM