topic Re: Roth Excessive Contribution - still reportable? in Get your taxes done using TurboTax

Roth Excessive Contribution - still reportable?

nobodyimportant2425 — Sun, 09 Mar 2025 00:49:22 GMT

In 2024 I made an excessive roth contribution due to MAGI. I have created the 1099-R to instruct turbotax that I have removed my excess roth contribution, and filled it out based on directions in other threads.

My question is should I still report a 2024 roth contribution or should I remove that manually and just depend on the excess contribution 1099-R to convey what occured?

Re: Roth Excessive Contribution - still reportable?

AnnetteB6 — Sun, 09 Mar 2025 12:34:02 GMT

Yes, you should report the contribution in TurboTax because you will be given the options onscreen for what you intend to do to correct the excess contribution. Once you have indicated that you will remove the excess before the due date of your return, there will not be any 6% penalty imposed.

See the following TurboTax help article to learn more:

What happens if I made an excess Roth IRA contribution because my modified adjusted gross income is too high?

Re: Roth Excessive Contribution - still reportable?

TomN25 — Fri, 21 Mar 2025 16:00:19 GMT

A couple of employee tax expert have a different view on this though so I am confused. Can you help?

MinhT1 said that "On your 2024 tax return, you do not report the excess contribution as it has been withdrawn."

ThomasM125 said that "You don't need to enter the IRA contribution, since it will be withdrawn by the due date of the return."

Please refer to https://ttlc.intuit.com/community/taxes/discussion/excessive-roth-contribution/00/3535228

Re: Roth Excessive Contribution - still reportable?

DanaB27 — Sat, 22 Mar 2025 13:57:28 GMT

You can do both you can enter not enter the Roth IRA contribution if withdrew all of it plus earnings or you can enter enter the Roth IRA contribution and enter on the penalty screen that you withdrew it by the due date. Both result that you do not show an excess contribution on Form 5329.

@TomN25

Re: Roth Excessive Contribution - still reportable?

TomN25 — Sat, 22 Mar 2025 15:02:57 GMT

Thank you, Dana, for clearing my confusion promptly!