DanaB27
Expert Alumni

Get your taxes done using TurboTax

Please follow these steps to enter your Roth contribution and then TurboTax will create Form 5329 for the penalty:

 

  1. Click on "Search" on the top right and type “IRA contributions”
  2. Click on “Jump to IRA contributions"
  3. Select “Roth IRA” and enter the $4,000 Roth contribution
  4. You should get a penalty screen at the end of this section.

 

or 

 

  1. Click "Deductions & Credits"
  2. Scroll down to “Traditional and Roth IRA Contributions” and click “Start
  3. Select "Roth IRA" and enter the $4,000 Roth contribution

 

Yes, you might have to use the downloaded software to amend your 2020 tax return.

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