5329 form

prettywillow · ‎March 26, 2020

Converted Trad IRA contribution to Roth IRA for tax year 2019.

Followed instruction how to enter backdoor IRA in turbotax.

Turbotax created form 5329. Line 18 auto populate $6000 excess contribution to Roth IRA and showing corresponding 6% penalty.

Needing assistance on how to properly enter data in Turbotax.

Thank you.

AmyC · ‎March 26, 2020

Please follow the steps in this article, How do I enter a backdoor Roth IRA conversion? These steps have to be in just the right order or it won't work.

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Retirement tax questions