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Returning Member
posted Feb 9, 2021 3:57:37 PM

Moved: Entering information in TurboTax for excess ROTH IRA contribution in 2020

Moved to Taxes - Retirement

0 1 104
1 Replies
Expert Alumni
Feb 14, 2021 6:47:44 PM

Do you have a specific question? 

 

If you "over contributed" to a Roth, you still have time to remove that excess contribution as well as any interest that portion generated. 

You will need to claim the interest as income. 

The excess should be withdrawn before April 15th to avoid a penalty tax and a yearly penalty for every year going forward. 

 

The fact that you moved to Texas has no bearing as this is a Federal tax penalty.