195781
Even though the IRA basis was adjusted years ago, turbo tax asks every year and I am never sure what to answer since technically the answer is yes but because it was corrected shortly after there is no longer an issue.
You'll need to sign in or create an account to connect with an expert.
If you over-contributed to your IRA 10 years ago and have already withdrawn the over-contribtion, you can answer No to that TurboTax question.
The question is asked to make sure that any prior over-contribution has been withdrawn, and if not, TurboTax will calculate the excise tax at 6% of the over-contribution.
If you over-contributed to your IRA 10 years ago and have already withdrawn the over-contribtion, you can answer No to that TurboTax question.
The question is asked to make sure that any prior over-contribution has been withdrawn, and if not, TurboTax will calculate the excise tax at 6% of the over-contribution.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
ir63
Level 2
vicente
Level 3
user17538294352
New Member
march142005
New Member
rpbean
New Member