however i already rolled the accidental $18 over contribution to the next tax year's ROTH.. and my adviser tells me i don't have to pay that fee.. but how to upload that info in turbotax?
Since the excess was removed before the due date of the tax return it is treated as an amount not contributed in the first place.
When you enter the Roth contribution into TurboTax, just enter $5,500 for 2016.
Next year when you do the 2017 tax you would enter the $18 plus any additional 2017 contributions.
What exactly did you do?
What did you enter into TurboTax? A Roth contribution? For what year (2016, 2017)?
What do you mean "rolled into next years Roth"?
i moved an accidental $18 excess in my American Funds Roth that caused contributions in 2016 to be $5518... over to the contributions balance for 2017 year Roth, using a form from American Funds for distribution requests for excess contributions. since i did so prior to filing my taxes and prior to the cutoff for 2016 year contributions, They told me it would be reported to the IRS on a 1099r both 2016 and 2017 and that i didn't have to pay a penalty. also to "just inform my tax professional and/or show them the form... which, well... is turbotax. but i cant upload any form in turbotax and something appeared while filing that stated i had overfunded an IRA and would owe a $115 fine
Just to be clear:
In 2016 you contributed $5,518 to your Roth.
In 2017 you had the trustee of the account to make the excess $18 a 2017 contribution instead of a 2016 contribution.
Is that correct?
Since the excess was removed before the due date of the tax return it is treated as an amount not contributed in the first place.
When you enter the Roth contribution into TurboTax, just enter $5,500 for 2016.
Next year when you do the 2017 tax you would enter the $18 plus any additional 2017 contributions.