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Get your taxes done using TurboTax
@shmc
dmertz, you are correct about how this is not an advantage to the taxpayer. Based on what you said, I overrode the line one on the Worksheet on your test return, changing the 50,000 to 250,000.
Sure enough, the 6,500 Roth IRA contribution was declared to be in excess, which triggered form 5329 and a penalty of $390 on line 25, which carries back to line 8 on Schedule 2 (1040).
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‎February 21, 2024
7:15 PM