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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
March 30, 2021
6:16 PM