I may have made excess Roth IRA contributions to both mine and spousal IRAs due to income limits being higher than expected in 2018.
Will turbotax tell me if I did, and will it allow me to correct it before finalizing/filing the taxes.
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Yes it will if you first enter all of your income and adding the Roth contribution is the last thing that you do.
"Will it allow for that excess to be corrected?" yes, if you, in fact have the excess returned as a "return of contributions" from the financial institution that has your IRA. You tell TurboTax that the excess has been removed so a penalty is not applied and the excess does not carry forward. You will also receive a 1099-R from the account trustee for the year that the excess was removed.Yes it will if you first enter all of your income and adding the Roth contribution is the last thing that you do.
"Will it allow for that excess to be corrected?" yes, if you, in fact have the excess returned as a "return of contributions" from the financial institution that has your IRA. You tell TurboTax that the excess has been removed so a penalty is not applied and the excess does not carry forward. You will also receive a 1099-R from the account trustee for the year that the excess was removed.Still have questions?
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