@orbtu wrote:
I removed 2017's $5,500 Roth excess in Dec 2019.
So it sounds like I pay the 6% penalty in 2017 and 2018 only, by making an amendment in TurboTax for those 2 years. Any ideas where I would make the amendments there?
Since the 1099-R for tax year 2019 includes the $5,500 withdrawn (excess roth contribution from 2017), I believe this needs to be reported for tax year 2019 as well, just no 6% penalty. Did I enter the information correctly based on my earlier description of what was entered in TurboTax?
I don't understand why TurboTax shows $500 in the Deductions & Credits summary page in the retirement > IRA section.
No need to amend, just send stand alone 5329 forms for those years that you can get here:
https://apps.irs.gov/app/picklist/list/priorFormPublication.html;jsessionid=49_Q8fWZD9DJRZermEDSZKmQ...
There will be no 2019 penalty.
What is the description for the $500 - what category?
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
