It's saying I contributed more to my Roth IRA than my income and that's because the majority of my income from last year was workmans comp so it was nontaxable. How do I correct this so I do not pay the penalty which also states that I will have to continue to pay this penalty every year until it is corrected
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To avoid paying this penalty, withdraw the excess contribution
from your IRA (including any money earned on it) before the filing
deadline of your tax return (April 18, 2017). If you file for an
extension, you must do this before the due date of the actual return
(October 16, 2017).
Then indicate in TurboTax that you withdrew the excess contribution in the IRA deduction section.
To avoid paying this penalty, withdraw the excess contribution
from your IRA (including any money earned on it) before the filing
deadline of your tax return (April 18, 2017). If you file for an
extension, you must do this before the due date of the actual return
(October 16, 2017).
Then indicate in TurboTax that you withdrew the excess contribution in the IRA deduction section.
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