Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Feb 26, 2020 11:30:57 AM

It says my husband contributed to much to his retirement and that we need to move it out before april 15. What does this mean?

0 1 139
1 Replies
Expert Alumni
Feb 26, 2020 12:14:38 PM

It sounds like your income was too high to allow for the amount of contribution to the type of account indicated in the retirement contributions section of TurboTax.  The IRS imposes penalties for excess contributions to retirement accounts.  However, if these contributions are removed before the filing deadline, no penalty is imposed.

 

Sometimes, this is just an entry error, though such as when you re-enter as a contribution to an IRA the amount contributed to a retirement plan at work that was already entered in on Form W-2.

 

If you're sure that this pertains to an IRA, contact your financial advisor for assistance removing or recharacterizing the contribution.   If you think this could be an entry issue, give a little more information here and we will see if we can assist you with additional troubleshooting steps.