topic I made an excess contribution to my Roth IRA in 2016. I have corrected that by having the excess contribution and its earnings withdrawn. How do I record this event in Turbo Tax? in Retirement tax questions

I made an excess contribution to my Roth IRA in 2016. I have corrected that by having the excess contribution and its earnings withdrawn. How do I record this event in Turbo Tax?

lpcaldarera — Tue, 04 Jun 2019 19:21:19 GMT

Please follow the directions below to record this excess...

KatrinaB — Tue, 04 Jun 2019 19:21:21 GMT

Please follow the directions below to record this excess contribution withdrawal.

1. Enter the amount of your original contribution.

2. When TurboTax indicates that you have an excess contribution, enter the amount that you've returned as an excess contribution in the box labeled Excess Contribution Withdrawn Before Due Date of Your Return.

3. TurboTax will now treat your contribution amount correctly.

4. At some point, TurboTax should ask you to provide an explanation statement for the return of contribution, since the Form 1099-R for this distribution will not be issued for another year as a 2016 Form 1099-R.

What about the earnings? 2. is not clear. Does 2. include...

fanfare — Tue, 04 Jun 2019 19:21:22 GMT

What about the earnings? 2. is not clear. Does 2. include that too?
Earnings should appear on Line 15b.
4. I'm pretty sure It is not necessary to attach an explanation in this situation. That would be optional.

Your earnings would not be included. That is considered a...

KatrinaB — Tue, 04 Jun 2019 19:21:24 GMT

Your earnings would not be included. That is considered as normal return on your IRA. Turbo Tax will let you know if an explanation is needed.

Not correct, TurboTaxPro . If you withdraw an excess that...

fanfare — Tue, 04 Jun 2019 19:21:25 GMT

Not correct, TurboTaxPro . If you withdraw an excess that produced earnings, the earnings have to be reported as taxable ordinary income on Line 15b.

I can not find the box "Excess Contribution Withdrawn Bef...

alanpix78 — Tue, 04 Jun 2019 19:21:27 GMT

I can not find the box "Excess Contribution Withdrawn Before Due Date of Your Return" in my TurboTax 2016 deluxe. only ref. 2015 and previous year information ??

How does this work for 2017? I don't see the 'excess con...

t-woeltge — Tue, 04 Jun 2019 19:21:28 GMT

How does this work for 2017? I don't see the 'excess contribution..' box.