Follow-up from previous question, When I selected 2017 in TT for the 1099-R I received, did it add the earnings on the 1099-R to my 2017 1040 income? or, did it ignore it? Also, I have tried to access the IRA process in TT. When I did it stated that my income was to high, and moved on to another module. How can I access that process to evaluate my 2017 IRA contributions? Thanks ----------------------------------------- Previous Question, Excess IRA Contributions In 2016 I had made excess contributions to my Roth IRA. I removed the excess from my account in 2017 with earnings and added the earnings to my 2016 taxes. When I filed my 2016 taxes, I followed Turbo Tax experts instructions of creating a 1099R with the earnings. I also added a note to my 2016 filing that it included these earnings. In 2017, I received a 1099R for the earnings that I already included in my 2016 filing. Do I include those earnings again in the 1099R, or do I exclude them from my 2017 tax filing. How do I communicate with the IRS that these earnings have already been filed? p.s. I submitted the penalty for early withdraw with my 2016 taxes too.
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I over contributed to my Roth IRA in 2016. I have asked my Trustee to remove the amount over what I am allowed. TT, is calculating an Additional Tax on the IRA. The IRS Pub 590 states that I can make this adjustment without the 6% penalty if done before April 18, 2017. How do I enter the information into TT without triggering a penalty?
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