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How to input to turbotax return of 2024 Excess ROTH IRA contributions/earnings without schedule 5329 6% extra tax
I made an $8,000 2024 excess contribution to my ROTH IRA. The custodian has withdrawn from the ROTH the excess contribution and associated earnings. I need to report on my 1040-SR line 4a the gross amount of the withdrawal and on line 4b the taxable earnings. Using the steps I've found on-line to add a 1099R to accomplish this Turbotax completes form 5329 (additional taxes on IRA) and adds the $480 6% extra tax. Since the contribution was removed prior to the tax filing deadline I do not need to pay this. How can I input this information to Turbotax without it calculating the extra tax? Thank you for any help you can provide.
‎February 25, 2025
12:36 PM