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I'm amending my 2024 returns because i over contributed to SEP IRA. I don't see the Form 5329 that computes my penalty when I view the amended returns.

 
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dmertz
Level 15

I'm amending my 2024 returns because i over contributed to SEP IRA. I don't see the Form 5329 that computes my penalty when I view the amended returns.

An excess SEP contribution is subject to a 10% penalty calculated on Schedule A of Form 5330.  TurboTax does not support Form 5330.  To file Form 5330 you'll have to prepare it outside of TurboTax.

 

Note that since it's your responsibility, not the SEP-IRA custodian's responsibility, to track the year for which the SEP contribution is made, if the excess contribution originally intended for 2024 was made in 2025, you could potentially track it as a contribution made for 2025 instead of 2024 and avoid it being an excess contribution for 2024.

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2 Replies
RobertB4444
Employee Tax Expert

I'm amending my 2024 returns because i over contributed to SEP IRA. I don't see the Form 5329 that computes my penalty when I view the amended returns.

The forms in your amended return are only forms that have changed due to numbers you enter.  Otherwise, it will only show the 1040-X and form 1040.  If you make changes to the return then you will see other forms added.

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dmertz
Level 15

I'm amending my 2024 returns because i over contributed to SEP IRA. I don't see the Form 5329 that computes my penalty when I view the amended returns.

An excess SEP contribution is subject to a 10% penalty calculated on Schedule A of Form 5330.  TurboTax does not support Form 5330.  To file Form 5330 you'll have to prepare it outside of TurboTax.

 

Note that since it's your responsibility, not the SEP-IRA custodian's responsibility, to track the year for which the SEP contribution is made, if the excess contribution originally intended for 2024 was made in 2025, you could potentially track it as a contribution made for 2025 instead of 2024 and avoid it being an excess contribution for 2024.

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