I've read a lot of different posts about how to correctly resolve excess contributions. However, all of them either aren't exactly the same situation, or the question and/or answers don't give enough context to understand if it should apply to my situation or why.
I made excess contributions to my Roth IRA through 2021, but it didn't become clear until 2022 that I was over the MAGI limit to make any contributions at all.
In 2022, I contacted the administrator of my Roth IRA to have them do the calculation to remove the excess contributions plus earnings. That was completed, and I had a small number of earnings that I need to pay a penalty on (since I'm under 59 1/2).
Now I'm at the point where I think I've taken all the correct actions, but I'm struggling to know how to finagle TurboTax to have the correct info.
I have several different questions:
Update (6/20) - Note that I made an estimated tax payment and filed an extension so that I could get this all sorted - but the withdrawal of excess contribution happened before the April 15th tax deadline.
You'll need to sign in or create an account to connect with an expert.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
bipulh
Returning Member
tmmccallie
New Member
tocguy
Level 3
gowrish
New Member
SoCalRetiree
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.