I made excess contributions to my wife's and my Roth IRA's in 2019 and 2020. I noticed the issue and withdrew the excess funds in 2020 and paid the taxes and penalty. For some reason in TurboTax, I continued to carry forward and pay taxes on the excess contributions in 2021, 2022 and 2023. I caught this after filing my 2023 return. I amended my and my wife's 5329's for those years and mailed them to the IRS with an explanation about how I've been paying the taxes and penalty over and over. After months of waiting and a few calls, they sent me 6 checks. (Three for me and 3 for my wife - for those 3 years.) (Refunds!) Cool! Now, what is the best and easiest way to update TurboTax to reflect the updates and get properly set for the 2024 tax year? Thanks much!
You'll need to sign in or create an account to connect with an expert.
Even if you start your 2024 return by "importing" a 2023 return, you always have the option of correcting or updating any incorrect information. You basically have 3 options.
1. Do nothing now, and after starting your 2024 return, correct anything that needs to be corrected.
2. Do nothing now, and start your 2024 return as a "new" return, not an import (start from scratch). You can manually enter any information that needs to be carried over. (How complicated this would be would depend on your other tax situations, such as business or rental depreciation schedules that need to be maintained.)
3. Prepare a 2023 amended return to reflect the changes. Mark the return as "filed" by saying you will print and mail it. Don't e-file. Then start your 2024 return by importing the amended 2023 return. However, you should still double check everything.
If you have been using Turbotax online, you may want to switch to the desktop program installed on your own Mac or PC from a CD or download. That will give you direct access to view the forms and verify all your information is correct before trying to file.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Don-TT
Level 3
yeongminko6035
New Member
derfman
New Member
rudymfernandez3
New Member
vicenmorales
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.