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Level 2
posted Apr 11, 2025 10:25:54 AM

Roth Excess Contribution corrected prior to filing. What do I enter into TurboTax?

I made an excess contribution to a Roth account in 2025 for 2024. I called my broker and removed the excess. I have not filed my taxes yet. TurboTax shows the excess amount. Do I change the amount in TurboTax to show the contribution without the excess or do I leave it in and deal with it with the 1099R the broker will send me? I have TurboTax Home & Business. 

Ken

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1 Best answer
Expert Alumni
Apr 11, 2025 11:52:12 AM

Please make sure you indicate in the IRA contribution interview that you withdrew the excess contribution by the due date:

 

  1. Click on "Search" on the top right and type “IRA contributions”
  2. Click on “Jump to IRA contributions"
  3. Select “Roth IRA”
  4. Enter the Roth IRA contribution
  5. Continue until the penalty screen and enter the excess contribution amount withdrawn

 

The earnings withdrawn with the excess contribution will be taxable in the year the excess contribution was made. You can wait until you get the 2025 Form 1099-R in 2026 to report the earnings. 

1 Replies
Expert Alumni
Apr 11, 2025 11:52:12 AM

Please make sure you indicate in the IRA contribution interview that you withdrew the excess contribution by the due date:

 

  1. Click on "Search" on the top right and type “IRA contributions”
  2. Click on “Jump to IRA contributions"
  3. Select “Roth IRA”
  4. Enter the Roth IRA contribution
  5. Continue until the penalty screen and enter the excess contribution amount withdrawn

 

The earnings withdrawn with the excess contribution will be taxable in the year the excess contribution was made. You can wait until you get the 2025 Form 1099-R in 2026 to report the earnings.