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Level 2
posted Feb 14, 2024 1:39:43 PM

1099-R; reporting excess contribution?

I entered my 1099-R info in the appropriate area in Turbo Tax. This was for withdrawing an excess contribution of $6000 for year 2022. If I removed the excess before the due date in 4/18/23, do I still need to report the excess contribution in Turbo Tax for this year? Or did inputting my 1099-R info sufficient to address this?

 

I appreciate any help.

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1 Replies
Expert Alumni
Feb 17, 2024 7:56:41 AM

No, you do not enter that you had an excess contribution since you removed it in time. 

 

To confirm, you do not show an excess contribution on your 2022 Form 5329 part IV (if it was Roth IRA) or part III (if it was a traditional IRA)? You should not have a 6% penalty on your 2022 tax return since you removed it before the due date of the 2022 return and therefore did not have an excess contribution.