Turbotax said I owed money for excess contributions to my IRA and deducted $873.00 in a 6 % tax on the excess balance on my tax forms.
My Financial Advisor says that I have a "simple IRA" and that it allows me to contribute up to $15,500 an receive additional matching funds from my employer and I did not exceed that amount. so the deduction was in error. Was the TurboTax deduction in error?
