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New Member
posted Feb 26, 2021 6:41:07 PM

Another attempt to enter RMD reversal without Turbo telling me I have excess IRA contributions and penalty. What am I doing wrong?

1.  I deleted the 1099-R for the IRA withdrawal but not the 1099-R for a state pension.

2.  Re entered the 1099-R.

3. Checked "not a RMD withdrawal" ox

4.  Checked "rolled over to an IRA" box

5.  Checked "yes, rolled over total amount and included my own money" box.

I still got the "excess IRA contribution" warning.

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1 Replies
Expert Alumni
Feb 27, 2021 8:00:28 AM

Please make sure you only entered the return of money in the 1099-R section and not under IRA contributions in the "Deduction& Credit" section.

 

If you entered it under IRA contributions then please delete the information:

  1. Login to your TurboTax Account 
  2. Click on the Search box on the top and type “IRA contributions”
  3. Click on “Jump to IRA contributions"
  4. Unselect the IRA and click continue
  5. Confirm the deletion.