Roth IRA contributions

gjgogol — Tue, 24 Feb 2026 05:17:54 GMT

I just want to make sure that I am understanding TT (pls forgive me for beating a dead horse). I made an excess roth IRA contribution of $7K in Jan 2022 and withdrew it on Mar 2023 (had a loss). TT asks if I made a roth contribution for 2022, I should answer "NO" correct (since I withdrew it before 2022 deadline of Apr 18, 2023)? What is confusing me is that TT also asks for the value balance of my roth IRAs as of Dec 31, 2022 which INCLUDES my $7K excess contribution. What is confusing is that in one place I am acting like I never made a 2022 roth contribution because I withdrew it in time, yet in another place I am providing a number that includes the contribution. All good?

Re: Roth IRA contributions

DanaB27 — Wed, 12 Apr 2023 16:48:28 GMT

Yes, everything is good.

Yes, that is correct since you withdrew the excess contribution (with a loss) by the due date you don't need to enter the Roth IRA contribution.

Yes, TurboTax asks about the value in the IRA contribution interview because the 6% is calculated by the smaller of the excess contribution or the balance on December 31, 2022 (including 2022 contributions made in 2023). TurboTax will ignore the value on December 31, 2022, because your Roth contribution shows $0 since you removed it in time and therefore didn't enter it.

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Roth IRA contributions

Re: Roth IRA contributions