If you are able to make Roth IRA contributions for 2024 then you can apply the 2023 excess as a 2024 contribution. This is only done with steps on your return, do not involve your financial institution.
- 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 2023
- On the "How Much Excess to 2024?" screen enter the amount applied to 2024
If you didn't pay the 6% penalty on your 2023 return (Form 5329 Part IV) then you will have to amend it and add the Roth IRA contribution. TurboTax will then calculate the excess contribution and fill out Form 5329 to add the 6% penalty. Please see How do I amend my federal tax return for a prior year?
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