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Turbo Tax Question "Withdraw from Roth IRA Before 2022?"

I made excess contributions to my Roth IRA in 2020.  I withdrew the excess contributions in 2021 before filing to avoid the penalty.  Entered the 1099-R on my return and was taxed on the gains.  Bottom line...did what I was supposed to do to fix the error.

 

On this year's return (2022), when entering my 2022 Roth contributions Turbo Tax is asking me if I "Withdraw from Roth IRA Before 2022?"

 

Do I answer "Yes" because I actually did, or "No" because I corrected the situation in 2021?  In other words, is the intent of this question to identify unauthorized withdrawals or should I being reading it literally?

 

Thank you.

 

  

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1 Best answer

Accepted Solutions
RobertB4444
Employee Tax Expert

Turbo Tax Question "Withdraw from Roth IRA Before 2022?"

You'll answer 'no'.  It's asking about withdrawals and you technically didn't make one because you were pulling out excess contributions.

 

@ptt87 

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2 Replies
RobertB4444
Employee Tax Expert

Turbo Tax Question "Withdraw from Roth IRA Before 2022?"

You'll answer 'no'.  It's asking about withdrawals and you technically didn't make one because you were pulling out excess contributions.

 

@ptt87 

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

Turbo Tax Question "Withdraw from Roth IRA Before 2022?"

That's what I thought.  Thank you for the quick reply.

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