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Max65
New Member

Entering Roth IRA Excess Contribution and Removal

Would like detailed help in what to enter in to Turbotax, and where.

Our struggle is less with the concepts than how to get Turbotax to accept entries.

 

In Jan 2022 we made excess contributions and then under advisement promptly withdrew them (Feb 22) prior to 2022 Tax filing.  We were advised to enter nothing about the contribution or removal in 2022, and await our brokerage forms which did not come out until June 2023!  

We have: 1099-R for each of us showing only the amount withdrawn. In both cases it is less then the amount contributed due to brokerage decline in value.  The brokerage said we could not withdraw the full original amount without even more complications as it would tap our original funds.

 

A tax preparer said to just enter on 1040 lines 4a: Ira Distributions Amount (6700+475) and 

1040 line 4b: Taxable amount (0+0) in accordance with the 1099B.

Quicken will not allow entry of this data on these lines, chasing multiple linked Worksheets without success.

 

Also, we don't see where to enter the original (7000+7000) Contribution amounts.

 

We experimented with backup forms 5498 Additional Taxes on Qualified Plans:

Distributions Not Subject to Additional Tax, line U: Corrective Distrubtions made before the due date of return: entered 6700+475 on two respsective sheets for myself and wife.  

 

Turbotax help and other sources seem to suggest we have to amend a 2022 tax return... is this the case?

 

What do we put, where?

 

 

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