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New Member
posted Jun 4, 2019 1:38:04 PM

Excess Roth IRA contribution made in 2018 lost value and amount withdrawn was less than contribution amount. Turbotax incorrectly adds the difference as contribution!

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1 Best answer
Level 15
Jun 4, 2019 1:38:06 PM

When TurboTax asked how much of your contribution you had returned, you likely mistakenly entered the loss-adjusted amount distributed instead of entering the unadjusted amount of contribution returned.  If the excess was, say, $500, and account lost 10% so the adjusted amount distributed was $450, you must indicate that you had $500 returned.

1 Replies
Level 15
Jun 4, 2019 1:38:06 PM

When TurboTax asked how much of your contribution you had returned, you likely mistakenly entered the loss-adjusted amount distributed instead of entering the unadjusted amount of contribution returned.  If the excess was, say, $500, and account lost 10% so the adjusted amount distributed was $450, you must indicate that you had $500 returned.