DanaB27
Expert Alumni

Retirement tax questions

If you entered the excess contribution prior to 2024 then you should have an entry on Form 5329 line 18. You should have part IV of Form 5329 filed out to apply the 2023 contribution to 2024 and to resolve the excess contribution. You should not have a penalty calculated on line 25.

 

Note, you will not get the penalty screen in the IRA contribution interview.

 

@WillieBillie 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"