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Have 2 excess income Roth IRA's from 2022 charged 6% penalty on 2022 taxes. Will withdraw but not in time for 2023 filing. How do I enter for 2023 if we still have?

Need guidance on entering correctly for 2023 tax year.  
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1 Reply
DanaB27
Expert Alumni

Have 2 excess income Roth IRA's from 2022 charged 6% penalty on 2022 taxes. Will withdraw but not in time for 2023 filing. How do I enter for 2023 if we still have?

If you didn't remove the 2022 excess contribution in 2023 you will enter the following steps on our 2023 return to report the excess contribution:

 

  1. Click on "Search" on the top right and type “IRA contributions”
  2. Click on “Jump to IRA contributions"
  3. Select “Roth IRA
  4. On the "Do you have any Excess Roth Contributions" answer "Yes"
  5. On the "Enter Excess Contributions" screen enter the total excess contribution from 2022 (if it wasn't carried over).
  6. On the "How Much Excess to 2023?" screen enter how much you want to apply to 2023 (this will only come up if you are allowed to make a Roth IRA contribution).

 

If you cannot apply the excess to 2023 or 2024 then you will have to remove the excess contribution as a regular distribution (without earnings or losses) by December 31, 2024, to avoid the 6% penalty for 2024.

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