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New Member
posted Apr 8, 2024 2:59:03 PM

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
Expert Alumni
Apr 8, 2024 3:07:55 PM

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 “IRA contributions” 
  3. Click on “Jump to IRA contributions"
  4. 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.

New Member
Apr 8, 2024 3:12:19 PM

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

Expert Alumni
Apr 8, 2024 3:19:34 PM

For TurboTax Desktop please use these steps:

 

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