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Turbo tax what if worksheet

turbo tax what if worksheet

Early Retirement & Financial Independence Community

In summary:

1) I made a dumb mistake on my 2010 Fed Taxes

2) I fixed it on my 2011 taxes according to IRS instructions

3) I’m not quite sure what my IRA Information worksheet is telling me. It’s generated inside Turbo Tax


1) In 2010 I made an excess contribution to my Roth IRA. It was only $10, but it was excess over my limit. I payed the 6% penalty for the year ($1) and decided I would fix it in 2011.

2) In 2011, I withdrew the $10 and appropriately explained to the fiduciary that it was a removal of the excess contribution from the prior year. I received a proper 1099-R with the correct codes of J and P (removal of excess contribution from prior year). Again I payed the

6% penalty for carrying the excess contribution into the 2nd year.

3) When I printed out my tax forms for review, the $10 amount shows up on the following lines of the IRA Information Worksheet:

Part II Line 6. Basis in Roth IRA Contributions. $10

Part II Line 8. Contribution basis carryover. $10

Part II Line 10. Excess contributions as of 12/31/2010. $10

Part II Line 11. Carryover of excess contributions to 2012. $10

Part VI Line 31. Cumulative regular Roth IRA contributions. $10

My mistake should be resolved, but I don’t know if Turbo Tax agrees.

My questions are:

1) Line 11 seems to indicate that my excess contribution will carryover into 2012, even though Turbo Tax knows I withdrew the excess in 2011 based on the 1099-R. Am I misinterpreting the meaning of line 11?

Category: Taxes

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