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samiam21
New Member

Roth IRA excess contribution entered by mistake

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.

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3 Replies
DanaB27
Expert Alumni

Roth IRA excess contribution entered by mistake

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

 

  1. Login to your TurboTax Account 
  2. Click on "Search" on the top right and type ā€œIRA contributionsā€ 
  3. Click on ā€œJump to IRA contributions"
  4. Select ā€œRoth IRAā€

 

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.

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samiam21
New Member

Roth IRA excess contribution entered by mistake

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

DanaB27
Expert Alumni

Roth IRA excess contribution entered by mistake

For TurboTax Desktop please use these steps:

 

  1. Open your return
  2. Click ā€œDeductions &Creditsā€ on the top
  3. Click "I'll choose what to work on"
  4. Scroll down to ā€œTraditional and Roth IRA Contributionsā€ and click ā€œEditā€
  5. Select ā€œRoth IRAā€
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**Mark the post that answers your question by clicking on "Mark as Best Answer"

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