In 2019, due to slightly higher than expected income, I over contributed to my Roth IRA by $330. I decided to take the 6% penalty in 2019 and carry forward the excess to 2020 since my income would be back to normal.
For 2020, I've told TurboTax that I had $330 in excess contribution for prior years. The next screen I input $330 for "Excess to Credit to 2020 Roth IRA Contributions". But when I get to the review stage of the return, I get an error that:
IRA Contribution Worksheet: Line 27 - Taxpayers' excess Roth IRA contribution credit should not be more than zero.
1. On the IRA contribution worksheet everything looks good. Line 24 (Roth IRA contributions) is the contribution I made in 2020. Line 26 shows that I want to credit $330 of excess Roth IRA Contribution. Line 27 shows the summation of Line 24 and Line 26, which is slightly lower than the Roth IRA max contribution limit.
2. I don't understand why TurboTax is giving me an error about Line 27, but highlighting Line 26 and indicating the credit should not be more than zero. Is this a specific message about a calculation error I have, or is TuboTax just giving me a generic warning that "hey, this is unusual and normally shouldn't be more than zero"?
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sekrishnan
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