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It is asking me to upgrade because I need form 5329. can you explain to me why I need this form?

it is saying  excess contributions or deductions
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1 Reply
AnnetteB6
Expert Alumni

It is asking me to upgrade because I need form 5329. can you explain to me why I need this form?

Form 5329 is needed in three situations, and having excess contributions to a tax-favored account is one of those.  

 

That means that somewhere on your return you are reporting contributions to an account such as a retirement plan, a Traditional IRA or Roth IRA, a Health Savings Account (HSA), or others that are greater than the limit allowed.

 

If you know that you have entered a contribution to one of those types of account as part of your return, you should go back through that section and read each screen carefully.  You should see a message telling you that the limits have been exceeded.  There should also be some advice about how to overcome the issue and then Form 5329 may not be required.

 

To learn more about Form 5329, see the following TurboTax help article:

 

What is Form 5329: Additional Taxes on Qualified Retirement Plans?
 

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