Bob T1944
New Member

Retirement tax questions

Thanks.  But I did withdraw the excess IRA contribution before my filing date and for this situation, Turbotax does NOT provide a Form 5329 for me to fill out.  I put 7000 in and only got 6500 back because the value of the IRA went down.  The banker will report the 500 loss for 2020 but will not send a 1099 until next year.  So I'd like to report a 2020 loss.  Don't I need to file a Form 5329 to do this?  Thanks.  BTW,  Turbotax generated a Form 8606.  Won't this cause me a problem if I don't include a 5329 to show I removed this excess contribution?  Thanks again