Since you withdrew the excess contribution instead of *recharacterizing it as a traditional IRA, here's what you need to do:
Reporting the Withdrawal in TurboTax:
- Click on "Search" at 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" screen, answer "Yes".
- Add the amount of excess
- Continue until you come to "contributions withdrawn before date of return"
- Enter the withdrawal amount.
- TurboTax will guide to report the excess and the withdrawal.
Click here for additional information
Original post
