Hi - I made a mistake in Y2022 taxes with an excess Traditional IRA contribution of $7000. (I'm a senior). For Y2022, I also contributed the maximum to a Self-Employed Individual 401K, making the $7000 non-deductible. I didn't notice this since I trusted Turbotax's "max" Individual 401K calculation amount. However, the Turbotax calculation did NOT deduct the $7000 Traditional IRA contribution that i had already entered into Turbotax, so the $7000 ended up being excess. I didn't take any distributions to correct this error. In 2023, I didn't answer any Turbotax questions about an excess contribution since I thought Turbotax would carry the information forward year to year. Stupid me. I also contributed to a Traditional IRA in 2023 - $7500 and I can see I got the deduction. Looking at my 2023 Turbotax tax return and all worksheets, I don't see a form 8086. Am I supposed to fill this form out every year? Will 2023 be an issue if I didn't answer the Turbortax questions that i had an excess contribution? The Turbotax 2023 IRA Worksheet Line 15 "Excess traditional IRA contributions to Form 5329, line 15" shows "0". I don't know how to fix Turbotax for 2023, or 2024 (should I say there was an excess contribution?), or the actual excess contribution $$$. It's too late for a distribution correction for 2022. I hope someone can provide me some guidance as this is all way over my head. Thank you.
