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Level 1

Question

I have an excess of 1702 in my Roth IRA apparently and now its asking me contribution withdrawn before due of your return? I have no idea what that means.

Forum|Forum|4 years ago
March 3, 2022
2 replies
14 views

No text available

TurboTax Live Deluxe Online

Alumni - Intuit

You have excess contribution:

If you contributed to a Roth when you made too much to qualify.
If you contributed more than you're allowed to either IRA

That contribution is subject to a 6% tax penalty.

If that is the case, check the link below for options to remove it:

What happens if I made a Roth IRA contribution but my modified adjusted gross income exceeds the limit?

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Level 15

ask the custodian using the appropriate forms to remove the excess.

You have until April 18th to make it happen to avoid most of the penalties.