How do I report a form 5329?

[ll8814]

My wife and I had excess contributions to our Roth IRA's for 2023. How do we report form 5329?

[JohnW152]

The TurboTax program will make any excess Roth IRA contribution calculations based on the information you enter in the interview process.  Any necessary entries will be made on Form 5329. 

To enter your Roth IRA contributions in TurboTax Online:

1. Open TurboTax Online
2. Select Tax Home in the left pane
3. On the  Hi, let's keep working on your taxes! screen, select the dropdown on the right side of the Deductions & Credits box, then select Start, Continue, or Review/Edit
4. On the  Your tax breaks page, scroll down and select the dropdown to the right of Retirement and Investments
5. Select  Start or Revisit to the right of Traditional and Roth IRA Contributions
6. On the  Traditional IRA and Roth IRA screen, select Roth IRA for you and your spouse, then select Continue
7. Proceed through the following screens.      TurboTax will compute any excess contributions based on the information you enter

NOTE:  If you received money from your IRA, return to the Wages & Income portion of TurboTax Online and enter it under Retirement Plans.

Please see the TurboTax Help article Where do I enter my traditional or Roth IRA contributions? for an alternate entry method.