Question

It says I have a penalty, what do i put in the box Excess Contribution withdrawn?

Forum|Forum|7 years ago
June 5, 2019
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TurboTax Free Edition Online

Excess contribution to what? IRA, 401(k) HSA?

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C

Carly31Author

IRA

B

BillM223

If the question is "Excess contribution withdrawn before due date of the return", TurboTax wants to know how much of the excess IRA contribution you are going to withdraw from the IRA before the due date of the return (April 15th unless you file an extension).

"Withdraw" means that you will call your IRS custodian before the due date of the return (unless extended) and ask for a "withdrawal of excess contributions", which will be sent back to you by the custodian.

This is done to avoid the 6% penalty on the excess that is carried over to next year.

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