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Retirement tax questions
Please follow these steps to remove the excess contribution entry:
- Click on "Search" on the top right and type “IRA contributions”
- Click on “Jump to IRA contributions"
- Select “Roth IRA”
- 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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April 18, 2025
5:50 AM