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bradleybenson16

Question

IRA contribution is showing up as excess but I contributed $6,500 in January 2024 for the 2023 year and $7k in November 2024 for 2024 year. Can't figure out the fix in TT

Forum|Forum|1 year ago
January 31, 2025
1 reply
0 views

It wants me to pay a penalty for an excess $6,500 contribution but it shouldn't be considered excess. Both were rolled over to roths within a week of having been added to the account.

Employee

Don’t enter the amount for 2023. That should have gone on your 2023 return.

bradleybenson16Author

but the $6,500 is on my 1099-R which is why it’s getting included.

Employee

Contributions are not on a 1099R. That shouldn’t affect it. You only enter Contributions under Deductions & Credits. That’s where you only enter the 2024 7,000.