You'll need to sign in or create an account to connect with an expert.
If you do not have a 1099-R to file you must include form 5329 when you e-file and unfortunately this can only be done using the "Forms" mode which is only available with TurboTax CD/Download.
You can change to TurboTax Basic CD/Download if you choose.
Once this is completed here are the steps to add Form 5329 to your return.
You will not pay any penalty now until the IRS determines if it will grant the waver, then they will inform you if you owe the penalty.
I'm trying to file an amended 2022 Filing to add IRS Form 5329 since I failed to take it before Dec.30 ANy info helps
I’m reporting a withdrawal of excess contribution to my Traditional IRA and was instructed by Turbo Tax expert to input it on the form 1099-R even though I didn’t get one. When I was reviewing my Form 1040, I saw something on IRA Contributions worksheet on Line 15 that says Excess traditional IRA contributions, to Form 5329, but this line shows blank.
You said that if Turbo Tax determined that I have an excess contribution, it will generate form 5329 automatically. Was I instructed incorrectly by your expert to input my excess contribution on 1099-R? How do I fix this if it’s wrong? Thank you!
If you haven't taken the RMD then take it as soon as possible.
You will need to file Form 5329 and request a waiver of the penalty if you have reasonable cause. Please see Relief for Reasonable Cause for additional information.
You will need to file 1040-X after your original return has been processed. Please see How do I amend my federal tax return for this year?
Unfortunately, this can only be done using the "forms" mode which is only available with the TurboTax Desktop software if you do not have a Form 1099-R to file:
If using the TurboTax Online version and have no 2022 Form 1099-R to file, you will have to prepare the 5329 manually.
Download Form 5329 from the IRS website and fill it out the same as above. Print and mail your return with the 5329 form and explanation attached as described in the 5329 instructions.
The 2022 Form 5329 must be attached to your printed and mailed 2022 amended tax return and cannot be e-filed.
Please be aware that you can only use this method if you are requesting a waiver of the penalty and there is no taxable amount on Form 5329 form line 55 that must be transferred to Schedule 2 line 8.
If you withdrew the excess contribution for 2022 plus earnings by the due date then you don't have to pay the 6% penalty (you don't enter the contribution in the IRA contribution interview). Also, if you removed the excess on or after December 29, 2022, then the 10% early withdrawal penalty doesn't apply. If the excess was removed before December 29, 2022, then TurboTax will calculate the 10% early withdrawal penalty.
If you withdrew a 2022 excess traditional IRA contribution plus earnings in 2023 before the due date, then you will get a 2023 Form 1099-R in 2024 with codes P and 1. This Form 1099-R will have to be included on your 2022 tax return and you have two options:
To create a Form 1099-R in your 2022 return please follow the steps below:
Please be aware, code P will say in the drop-down menu "Return of contribution taxable in 2021" you can ignore that since the follow-up question will tell TurboTax that it will be taxable in 2022.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
greer111111
New Member
twalters218
New Member
tcison-gmail-com
New Member
Domlonia
Level 1
vikingsss_1967
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.