Excess accumulations occur when you have contributed more than you are allowed in a given tax year to your retirement account. The earnings on that excess contribution would accumulate interest. This is what is referred to as 'excess accumulations' in any retirement account.
Excess accumulations can also occur if you have not taken your required minimum distributions (RMD). TurboTax will generate a Form 5329, if this is the case. Once you complete the 1099-R and answer the questions you can preview your return.
For TurboTax Desktop simply switch to Forms. In TurboTax Online/Mobile you can use the instructions below to preview your return.
Using the Tax Tools (left panel):
- To find Tools:
- Sign into your TurboTax account and open or continue your return.
- Select Tax Tools in the left menu.
- You'll find Tools beneath Tax Tools.
- Select View Tax Summary
- Select Preview My 1040 (left panel)
- Check Form 1040, line 23.
@rbaierwa
[Edited: 01/25/2024 | 9:42 AM PST]
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