I made an excess Roth IRA contribution because my MAGI is too high, and the docs say there's a 6% penalty, but the "IRA Contribution Results" page is using 12%. Why?

posted

Can you please clarify where you are seeing the 12%?

The penalty on an excess Roth IRA contribution is 6% of the the smaller of the excess Roth IRA contribution or the value of your Roth IRAs on December 31, 2023 (including 2023 contributions made in 2024). This is calculated on Form 5329 part IV.

Please see What happens if I made an excess Roth IRA contribution for additional information.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

I have small business . TT let me contribute to 401K solo and SEP IRA. Why it did not allow me to contribute to ROTH IRA saying I do not have earned income.?

Expert does your taxes

Do it yourself

Resources

Support

Expert does your taxes

Do it yourself

Resources

Support

Expert does your taxes

Do it yourself

Resources

Support

Expert does your taxes

Do it yourself

Resources

Support

I made an excess Roth IRA contribution because my MAGI is too high, and the docs say there's a 6% penalty, but the "IRA Contribution Results" page is using 12%. Why?

I made an excess Roth IRA contribution because my MAGI is too high, and the docs say there's a 6% penalty, but the "IRA Contribution Results" page is using 12%. Why?

Get more help

Do you have a TurboTax Online account?

I made an excess Roth IRA contribution because my MAGI is too high, and the docs say there's a 6% penalty, but the "IRA Contribution Results" page is using 12%. Why?

Do you have an Intuit account?

I made an excess Roth IRA contribution because my MAGI is too high, and the docs say there's a 6% penalty, but the "IRA Contribution Results" page is using 12%. Why?

Get more help

Related Content

Thank you for helping us improve the TurboTax Community!

Sign in to Turbotax

File your taxes, your way

Access additional help, including our tax experts

Post your question

Connect with an expert