@bigboybun wrote:
Hey @macuser_22, following up on my previous question.
For my 2020 return in TurboTax, under Federal Taxes -> Deductions & Credits -> Traditional & Roth IRA contribution, I entered $6000 in the field "Excess Roth IRA Contributions for Prior Years." When I preview Form 1040, schedule 2 line 6 has a value of $360.
Does that mean the 5329 was generated and I don't need to complete an amended return for 2020?
Thanks again for all the help.
$360 would be 6% of the $6000 excess so it appears that you already entered it for 2020 of further action not necessary.
**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.**
