DanaB27
Expert Alumni

Retirement tax questions

Please follow these steps to remove the excess contribution entry:

 

  1. Click on "Search" on the top right and type “IRA contributions”
  2. Click on “Jump to IRA contributions"
  3. Select “Roth IRA
  4. On the "Enter Excess Contributions" screen delete the entry.

 

You might want to check you 2023 return to verify that you did not pay the 6% penalty on Form 5329. You do not need to pay the 6% penalty if you removed the excess contribution plus earnings before the due date of the 2023 return. If you show the 6% penalty on your 2023 return then please see How do I amend my federal tax return for a prior year?

 

The earnings are taxable in the year the contributions are made therefore you should have gotten a 2024 Form 1099-R with code P and J. This form belongs on your 2023 return.

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