Retirement tax questions

DanaB27 · ‎February 21, 2025

I'm not sure about all previous years but this year in the IRA contribution section if you get the "Tell Us the Value of All Your Traditional IRA Accounts" screen which states to include contributions made in 2025 for 2024 then this is about an excess contribution and Form 5329. Here you enter the value of all of your traditional IRAs plus any contribution made in 2025 for 2024. Remember, the IRS sees all traditional IRAs as one account.

To clarify, you never got a penalty warning at the end of the traditional IRA contribution interview? If you didn't then you should be good and not have an excess contribution. Please note, you need taxable compensation to make IRA contributions.

If you get the "Tell Us the Value of Your Traditional IRA" screen which states to enter the total value of all traditional, SEP, and SIMPLE IRAs on December 31, 2024, then this is in regards to Form 8606 and this is the same screen as in the retirement section.

Screen in the IRA contribution interview that should only come up if you made an excess contribution for Form 5329:

Screen in regards to Form 8606:

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