Roth IRA excess contribution entered by mistake

Forum|Forum|2 years ago
April 8, 2024
1 reply
0 views

I entered $15000 for my Roth IRA contribution for 2023 by mistake. Turbo Tax is says I have a penalty for over contributing. I can't seem to correct the mistake. Turbo Tax says the the figure has been recorded. How can this be fixed? I need to fix this mistake before filing.

TurboTax Home & Biz Windows

DanaB27

Level 15

Please go back to the IRA contribution section and edit your Roth IRA entry:

Login to your TurboTax Account
Click on "Search" on the top right and type “IRA contributions”
Click on “Jump to IRA contributions"
Select “Roth IRA”

Please note if you made contributions to a work retirement plan then do not enter this as an IRA contribution.

Please see IRA contribution limits for additional information.

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

samiam21Author

Level 2

Is the desktop version the same? I tried your suggestion. There wasn't a jump to IRA option.

DanaB27

Level 15

For TurboTax Desktop please use these steps:

Open your return
Click “Deductions &Credits” on the top
Click "I'll choose what to work on"
Scroll down to “Traditional and Roth IRA Contributions” and click “Edit”
Select “Roth IRA”