turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Received a Roth IRA distribution in 2018 - a return of 2018 excess contributions. turbotax is taxing the distribution and applying a 10% penalty. how do i correct ?

i entered info when asked by TT to indicate a return of excess contribution, but TT is still taxing the amount and applying penalty. this was return of after tax Roth contributions - all in the same year, so should not be taxed. 

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
MarilynG
Expert Alumni

Received a Roth IRA distribution in 2018 - a return of 2018 excess contributions. turbotax is taxing the distribution and applying a 10% penalty. how do i correct ?

Be sure to enter the same amount for 'excess Roth contribution' and amount returned to you.

Here's more info:

https://ttlc.intuit.com/replies/7205181

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

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies