To start, on the 2001 amended form I filled out line 47 of form 5329 with the total contribution made. It calculated the 6% penalty on line 49 and adjusted my Federal Tax Due correctly. I had to "override" line 47 in Turbo Tax because it was not "enterable" without doing that. The override tells me it might get that value from somewhere else so I'm wondering if that is the correct place to enter it. I've contacted Fidelity about any previous year forms they could provide, but they only issue forms for the current tax year (I was thinking a 1099-SA).
Also, on another thread, I found the following formula for calculating the earnings of the excess contribution:
Net Income = Contribution x Adjusted Closing Balance - Adjusted Opening Balance
Adjusted Opening Balance
You mentioned entering that amount as "Other Income" - where do I enter that in TT without an underlying form?
Thanks in advance
