How to fix an error? I inputted the value of a Roth TPS into a Roth IRA by mistake last year, and now it is continuously flagged. Is there a way to fix it?

[alexander-h-gertz]

Current active duty, have always a Roth TPS and not a Roth IRA. I inputted the TPS value into the Roth 1099R. Is there a way to clear that up?

[DanaB27]

I assume you have a carry over on the "Enter Excess Contributions" screen. Please follow these steps to delete the entry:

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 delete the carry over.

To confirm did you delete the Roth IRA contribution when you filed your 2023 tax return or do you show a penalty on your 2023 Schedule 2 line 8? If you show a penalty then you will have to amend your 2023 return to remove the Roth IRA contribution entry. This will remove the 6% penalty on Form 5329 and therefore on Schedule 2. Please see How do I amend my federal tax return for a prior year?

[alexander-h-gertz]

As a follow-up question, when will the change to the amended 2023 taxes take affect? I performed the recommended actions and they worked, however I still am not able to finalize and submit the 2024 federal taxes. The excess returns refuse to go to to change from the expected amount despite numerous attempts. I assume that it won't allow the change until the tax return for 2023 is recognized.

What would the estimated time be for the amended return to be recognized; and if it will exceed 15April2025, is there another action I can take?

[DanaB27]

You can make the changes to your 2024 return now and file your 2024 return. Please delete the entry on your 2024 return:

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 delete the carry over.

If this doesn't solve your issue then please provide more details what you are seeing.

Please see Where’s My Amended Return? for process times.

[alexander-h-gertz]

Aye, I apologize, there's a lot of information. After confirming the amended 2023 federal tax return, I went back to review the current year. the site takes me to the finale step before filing. It says "Just one more step and we'll file your returns" with 3 steps.  Steps 1 and 2 are completed whereas step 3 "Get ready to save and file your returns" is not. After clicking on it, I try to to e-file the tax return and enter my personal information.

The page then says "Let's make sure everything is accurate

We're close to finishing up to e-file. But we found a couple little things on your federal return that need fixing.

Let's take care of these now.

If you're not able to fix these issues, you will return to this screen and you can print the return by selecting File by Mail."

I click on the option Fix Federal and it takes me to the IRA contributions worksheet. "Check this entry"

IRA Contributions Worksheet: Line 26 - Taxpayer's excess Roth IRA contribution credit should be equal to $710.00, the Roth IRA contribution credit from Form 5329, Part IV. 

Xs Roth IRA cont cred (T) ____

I change the amount to 0 (0.0, 0.00, etc.) and when I hit enter it takes me back to the "Let's make sure everything is accurate" page where it repeats. I checked that the total roth IRA amount is 0 on line 27, yet it continues to happen.

[DanaB27]

Please go back to the IRA contribution interview and delete the entry on the "Enter Excess Contributions" screen and this will resolve the error:

1. Click on "Search" on the top right and type “IRA contributions” 
2. Click on “Jump to IRA contributions"
3. Select “Roth IRA”
4. Answer "No” on the “Roth IRA Contribution” screen
5. Answer "Yes" to the "Did you Open a Roth IRA before 2024"
6. On the "Enter Excess Contributions" screen delete the entry of $710 (should be left blank)