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Excess contribution to Roth IRA Form 5329: How TurboTax imports excess contributions from previous years
I made an excess contribution of $6,000 to my Roth IRA in 2014, and TurboTax calculated a tax of $360 (6%) on IRS Form 5329, which I paid. Every year since then, when I imported my prior year return, TurboTax imported that contribution and added another $360 to my total. I only just noticed this. Has anyone else had this experience? I need to amend my returns for 2015, 2016 & 2017. I should have been more vigilant. What a pain.
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‎June 6, 2019
12:29 AM