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Level 1
posted Feb 29, 2024 12:34:19 AM

Last year I thought the roth TSP was an IRA. I found out I was wrong later. But now I'm being asked to fill out IRA contribution worksheet line 26. What should I do?

It says it should enter a certain amount because of Roth IRA contribution credit form 5329 part IV

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1 Best answer
Level 15
Feb 29, 2024 4:21:05 AM

You must amend your 2022 tax return to remove the penalty originally reported on Form 5329.  Your corrected Form 5329 needs to have zeros where there were previously dollar amounts in Part IV.

 

In 2023 TurboTax you need to go through the Roth IRA contribution section and tell TurboTax by deleting the amount carried over that you made no excess Roth IRA contribution in previous years.

2 Replies
Level 1
Feb 29, 2024 12:42:33 AM

Also, it said I paid too much last year and took out a penalty on me.

Level 15
Feb 29, 2024 4:21:05 AM

You must amend your 2022 tax return to remove the penalty originally reported on Form 5329.  Your corrected Form 5329 needs to have zeros where there were previously dollar amounts in Part IV.

 

In 2023 TurboTax you need to go through the Roth IRA contribution section and tell TurboTax by deleting the amount carried over that you made no excess Roth IRA contribution in previous years.