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Form 5329t - error in turbotax - duplicates prior year penalties for roth ira overpayment in perpituity
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Form 5329t - error in turbotax - duplicates prior year penalties for roth ira overpayment in perpituity
Go to the IRA contribution section. Click on the Roth check box for your spouse. Answer yes you have a contribution. Do not enter an amount on the contribution page and clock through until the excess contribution screen shows up. It should auto-populate with the amount of the excess. Enter 0 (zero) and continue to the end of the interview. That should remove the excess and penalty.
You can amend the last 3 years for a refund if you have been paying the penalty in error.
Enter IRA contributions here:
Federal Taxes,
Deductions & Credits,
I’ll choose what I work on (if that screen comes up),
Retirement & Investments,
Traditional & Roth IRA contribution.
OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "ira contributions" which will take you to the same place.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
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- Report Inappropriate Content
Form 5329t - error in turbotax - duplicates prior year penalties for roth ira overpayment in perpituity
Go to the IRA contribution section. Click on the Roth check box for your spouse. Answer yes you have a contribution. Do not enter an amount on the contribution page and clock through until the excess contribution screen shows up. It should auto-populate with the amount of the excess. Enter 0 (zero) and continue to the end of the interview. That should remove the excess and penalty.
You can amend the last 3 years for a refund if you have been paying the penalty in error.
Enter IRA contributions here:
Federal Taxes,
Deductions & Credits,
I’ll choose what I work on (if that screen comes up),
Retirement & Investments,
Traditional & Roth IRA contribution.
OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "ira contributions" which will take you to the same place.