I made an excess contribution to a traditional IRA, but TurboTax thinks I made an excess contribution to my Roth IRA. Is there a way to correct this?

Forum|Forum|6 years ago
March 23, 2020
2 replies
15 views

No text available

TurboTax Premier Online

macuser_22

Alumni - Champ

TurboTax would only "think" that if you entered it as a Roth and not a Traditional IRA.

Return to the IRA contribution section and unclick all buttons and [Continue] to remove all entries. The re-enter.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

dmertz

Level 15

Did you make both traditional IRA and Roth IRA contributions and the total exceeds that allowable threshold? If so, the excess is deemed be in the Roth IRA but you can still obtain a return of excess contribution from the traditional IRA to make room for the Roth IRA contribution.

Also, an excess Roth IRA contribution can come from a carryforward of an excess contribution made for the previous year. If you are eligible to make a Roth IRA contribution for 2019, you could again obtain a return of contribution from the traditional IRA to make room to apply as part of your 2019 Roth IRA contribution the Roth IRA excess carried in from 2018.