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Question

Turbotax is saying I made an excess contribution of $X to my Roth IRA but my Roth IRA is telling me I only made a total contribution of $X minus $Y. So how do I find out?

Forum|Forum|1 year ago
January 27, 2025
1 reply
0 views

Different numbers are being reported so I'm unclear on how much I'm supposed to withdraw to avoid the penalty.

You can contribute up to $7,000 to a Roth IRA, or up to $8,000 if you are 50 or older, only if your income is $146,000 or less.

If you contributed more than that, you can withdraw the excess (plus earnings).

Here's more info on Excess Roth IRA Contributions.

You can also recharacterize your excess Roth Contribution (without earnings) as a Traditional IRA Contribution.

TurboTax should ask you about this after you enter your Roth contribution.

Here's details on how to Recharacterize Roth to Traditional IRA.