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

tony8gj · ‎February 9, 2021

Moved to Taxes - Retirement

KrisD15 · ‎February 14, 2021

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The excess should be withdrawn before April 15th to avoid a penalty tax and a yearly penalty for every year going forward.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

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.