turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

vijay-saikrishna
Returning Member

Form 5329 rules for timing of excess removal

Hi,

I made excess contributions to Roth IRA and have been paying 6% excise penalties since 2020. However, I didn't pay this penalty for the tax year 2023. Because I removed the excess on 3/18/2024 just before the 2023 tax deadline of April 15th 2024. 


Do I still have to pay the 6% penalty for 2023 year also (now through amendment)?

OR

Am I all set?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question