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

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

dro49421
New Member

Why am I being taxed again in 2017 for an excess contribution that I was taxed for in 2016?

 
Connect with an expert
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 Best answer

Accepted Solutions

Why am I being taxed again in 2017 for an excess contribution that I was taxed for in 2016?

You must distribute the excess.  You will be taxed on the excess contribution until you make a distribution of the excess.

You will have to pay the penalty on ALL excess contributions (those from prior years along with any in the current year) until you withdraw the excess contributions.

View solution in original post

2 Replies

Why am I being taxed again in 2017 for an excess contribution that I was taxed for in 2016?

Excess to what?  IRA, 401(k), other??   Was it removed?
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

Why am I being taxed again in 2017 for an excess contribution that I was taxed for in 2016?

You must distribute the excess.  You will be taxed on the excess contribution until you make a distribution of the excess.

You will have to pay the penalty on ALL excess contributions (those from prior years along with any in the current year) until you withdraw the excess contributions.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies