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How Much Should I Enter If I requested Excess Traditional IRA Contribution Removal

Last year I contributed $6500 in Traditional IRA  as Spousal IRA

but I decided to request excess Traditional IRA contribution removal because of my spouse income limit.

Only $400 can be deductible so I will ask to remove $6100 from last year my contribution.

 

Once It's done.

Then how much should I enter traditional IRA contribution in turbotax?

Just enter $400? or should I enter the full amount I contributed last year?

I tried entering the full amount but Turbotax didn't ask any kind of excess removal only asked like switch or recharacterization.

 

Thanks

 

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1 Best answer

Accepted Solutions
AnnetteB6
Employee Tax Expert

How Much Should I Enter If I requested Excess Traditional IRA Contribution Removal

You should enter only the $400 contribution for 2023 that will remain in the Traditional IRA into your return.

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1 Reply
AnnetteB6
Employee Tax Expert

How Much Should I Enter If I requested Excess Traditional IRA Contribution Removal

You should enter only the $400 contribution for 2023 that will remain in the Traditional IRA into your return.

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