Solved
I was 70 in February 2018. I made a small IRA contribution in the first quarter of 2018. Why am I being told I have a penalty? I was not 70 1/2 until August?
No text available
Sorry, but you need to have that contribution returned by the IRA custodial as a "return of excess contributions", not as a normal distribution.
You cannot contribute to a Traditional IRA at all *in the year* that you turn 70 1/2.
If not removed by the due date of the tax return, it will be subject to a 6% penalty that repeats every year that it remains in the account.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2022 Intuit, Inc. All rights reserved.
Intuit,
QuickBooks, QB, TurboTax, ProConnect, and Mint are registered
trademarks
of Intuit Inc. Terms and conditions, features, support, pricing,
and service options
subject to change without notice.
Security
Certification of the TurboTax Online application has been
performed by
C-Level Security.
By accessing and using this page you
agree to the
Terms of Use.
Accessibility
