- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
If you made an excess 2015 Roth contribution then it is too late to remove it to avoid the 6% penalty for 2015 - that would have had to be done before Oct 17, 2016. You need to amend 2015, enter the Roth contribution in the IRA contribution section and answer the follow-up questions that you did not remove the excess. That should add a 5329 form with the 6% penalty that will go on line 59 on the amended 1040 form.
For 2016, you need to remove the excess as a normal distribution. That must be done before Oct 18, 2017 to avoid another 6% penalty in 2016. If you have not entered the Roth contribution excess into the 2016 interview, then TurboTax will not know about it so if removed, you don't need to do anything now. Just check line 59 on the 2016 return to be sure that there is no penalty.
If removed in 2017, you will receive a 2017 1099-R to report the distribution next year on your 2017 tax return.
https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed
https://ttlc.intuit.com/replies/3288565