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Retirement tax questions
I see where the $70 in line 18 (form 5329) came from. To fix it, please do the following:
1. Go to Deductions & Credits->Retirement and Investments->Traditional and Roth IRA Contributions and click on Start or Revisit or whatever will get you into this interview.
2. On the entry screen "Traditional IRA and Roth IRA", check that you contributed to BOTH a traditional IRA and a Roth IRA (I know you didn't, but this is how we fix it).
3. You will go through the input screens for the traditional IRA first. Go through them, answering the same way you did the first time.
4. Eventually, you will come to "Roth IRA Contributions" which is the start of the input screens for your Roth IRA. Click YES.
5. Answer NO to the questions about repayment.
6. The next screen will ask about your 2021 Roth IRA contribution. You will not enter anything since you didn't make a 2021 Rota IRA contribution. Just hit CONTINUE.
7. The next screen asks if you want TurboTax to track your Roth IRA basis. Click on NO.
8. The next screen shows that your excess Roth IRA contributions for the prior year was $70. No, I don't know how this got here, but if you enter 0 (zero), the excess goes away.
9. Continue all the way through the rest of this interview. You may have already noticed a slight change in the Refund Meter as the $70 was removed from line 18 (5329) and the $4 penalty was removed from line 25 (5329).
Try it and let me know if this works.
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