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Excessive Roth IRA contribution reported for 2019 on TurboTax

In completing my 2020 returns, TurboTax indicates that a Form 5329 will be generated as there was an excess contribution made to my spouse's Roth IRA in 2019.  In Part IV of Form 5329 for 2020, the excess contribution amount of $2460 is entered, along with additional tax of $148.  This $2460 amount was apparently gleaned from line 24 of the 2019 Form 5329.  However, when looking at my 2019 records generated from TurboTax, there was no Form 5329 done.  I cannot determine where TurboTax retrieved this info.  I am filing Married Filing Jointly and my spouse is employed and I am retired.  My spouse earned income in 2019 to cover both contributions ($7000).  We are both over 50.  HELP!

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2 Replies
ThomasM125
Expert Alumni

Excessive Roth IRA contribution reported for 2019 on TurboTax

If you had an overpayment on retirement plan contributions in 2019, you would have an entry on line 6 of your schedule 2 on your 2019 tax return. You should also have a form 5329 reporting the additional tax. The penalty would apply to all future years, until you paid the excess back or reduced your allowable contributions by the excess in a future year.

 

You need to look a your 2019 return to see if the excess contribution appears on it. If not, you need to review your 2020 contribution entries in TurboTax, and look for the question regarding prior year excess contributions.

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Excessive Roth IRA contribution reported for 2019 on TurboTax

TurboTax did not generate a Schedule 2.  When I attempt to open this form for 2019, the form is blank.  TurboTax did not generate a Form 5329 for 2019 either.  In 2020 TurboTax, the excess amount was automatically populated.  I did not input this amount.  I am stumped.

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