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scott7
Level 1
July 15, 2020
Question

How do you deal with excess Roth IRA contributions? How do you report removing the funds from the Roth IRA?

  • July 15, 2020
  • 1 reply
  • 10 views
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1 reply

qbteachmt
qbteachmt
Level 15
July 15, 2020

The IRS has the resources you seek:

https://www.irs.gov/instructions/i5329

 

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    Bethab1
    Level 2
    March 22, 2021

    Ok, but how is it best entered into the SOFTWARE? Do I input the total amount (including the excess) into the "Adjustments to Income" screen under "Roth Contributions" or do I change that amount to be the maximum and instruct the client to conduct the excess removal?  If I am NOT changing the amount on the adjustments to income screen, then where do I tell the system the dollars were removed so that the 8606 continues to carry the appropriate amount of Basis?

    qbteachmt
    qbteachmt
    Level 15
    March 22, 2021

    Start here: https://proconnect.intuit.com/community/individual/help/entering-form-1099-r-in-an-individual-return/00/4738

     

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