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I accidentally contributed to an IRA inappropriately (1098-T grad student income doe not qualify). I removed the funds contributed, but how do I indicate this?

 
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2 Replies
DanaB27
Employee Tax Expert

I accidentally contributed to an IRA inappropriately (1098-T grad student income doe not qualify). I removed the funds contributed, but how do I indicate this?

After you entered the contribution TurboTax will ask if you removed the excess contribution. You should receive a 1099-R for the funds removed from the IRA.

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I accidentally contributed to an IRA inappropriately (1098-T grad student income doe not qualify). I removed the funds contributed, but how do I indicate this?

you don't have to do anything unless that contribution earned money. That would be taxable

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