You can use the excess contribution of 2023 as a contribution for 2024 and you do not have to pay the excise of 6% for 2024.
In TurboTax Online, you will proceed as follows:
- Open your return and click on "Search" on the top right and type IRA contributions in the search box
- Click on Jump to IRA contributions
- Select “Roth IRA”
- On the page Do you have any Excess Roth Contributions, answer Yes
- On the Enter Excess Contributions screen, enter the total excess contribution from 2023
- On the "How Much Excess to 2024?" screen, enter how much you want to apply to 2024.
You'll need to notify Fidelity that you have applied your 2023 excess contribution to 2024.
Please read this TurboTax Help article for more information.
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