Made an excess contribution a few years ago. Properly removed it, have the 1099-R for 2021, and the info on that 1099 is in my 2021 TT taxes. However, the excess contribution tax still continues to linger as if I never took it out and the tax has been on 2022 and now 2023(already filed). I can easily see the 2021 1099 in TT so I'm not sure what went wrong and why it still seems to think I didn't take the excess out and continues to charge the penalty tax. I've verified that the proper distribution codes were also used for that 2021 1099.
What else should I be looking for? Does this require a full amendment for each of those years? Form 5329 is part of my returns but all seem to show the excess contribution amount, but not the distribution.
You'll need to sign in or create an account to connect with an expert.
@htb14 You need to let the IRS know it was returned or recharacterized. If you did it before the year end or the following year or you converted to a roth.
The year of the excess in TT:
To enter the nondeductible contribution to the traditional IRA:
RETURN OF EXCESS OR CONVERSION year:
To enter the 1099-Rs for the return of excess contribution and the conversion:
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
jj_56
New Member
txpharmguy0330
Level 1
solankinb
New Member
msv1
Level 2
Andy_W
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.