turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes & Forms (2024) on Mar 19! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

TR808
New Member

Excess Roth IRA contribution credit - but I have no Roth IRA

Why am I being told by TurboTax to enter an amount for an excess Roth IRA contribution credit when I have no Roth IRA? I have made ZERO contributions to a Roth IRA, ever.  My 401(k) employee contributions are in a Roth Basic plan, but it is an employer-sponsored 401(k) plan, not a Roth IRA. Is this "credit" going to impact my return?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
DanaB27
Employee Tax Expert

Excess Roth IRA contribution credit - but I have no Roth IRA

Did you have an excess Roth IRA contribution in prior years? It seems that you have a carry over from an excess Roth IRA contribution from a previous year.

 

  1. Click on "Search" on the top right and type “IRA contributions”
  2. Click on “Jump to IRA contributions"
  3. Select “Roth IRA
  4. On the "Do you have any Excess Roth Contributions" answer "Yes"
  5. On the "Enter Excess Contributions" screen check the entry

If you have a carry over of excess contribution but did not have an excess contribution in the past then you will have to review your previous return and check for Form 5329 Part IV.

 

Also note, please do not enter the Roth 401(k) in the IRA contribution section, you only need to enter your W-2.

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

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question