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There is an error with Form 5329 generated by turbotoax.
I used Turbotax for 2020 return, and Turbotax didn't generate form5329 because my $6000 contribution to ROTH IRA was fully eligible with my AGI income.
I used Turbotax for 2021 return. I contributed $6000 to Traditional IRA in 2021. When I entered this value, Turbotax asked me to enter any excess IRA contribution amount from 2020 where I entered no (entered: 0).
Technically, turbotax shouldn't create a Form 5329 in the first place, but it created Form 5329 with the excess amount $70 in line 18. Two turbo tax specialists tried to correct this issue, but they couldn't. I don't know where this $70 is coming from nor I couldn't fix this online. Please advise.
I used Turbotax for 2021 return. I contributed $6000 to Traditional IRA in 2021. When I entered this value, Turbotax asked me to enter any excess IRA contribution amount from 2020 where I entered no (entered: 0).
Technically, turbotax shouldn't create a Form 5329 in the first place, but it created Form 5329 with the excess amount $70 in line 18. Two turbo tax specialists tried to correct this issue, but they couldn't. I don't know where this $70 is coming from nor I couldn't fix this online. Please advise.
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March 2, 2022
2:10 PM