Need to remove Form 5329 from my tax return.

Forum|Forum|7 years ago
June 1, 2019
1 reply
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While completing my 2014 tax return I realized I had an excess contribution to my Roth IRA. So in 2015 I removed the excess contribution and paid taxes on earnings etc . When I went to complete my 2015 tax return, I neglected to fill in Line 20 of form 5329 to show the excess contribution was removed. So I filled a 1040X (2015 Return) outside Turbo Tax to recoup the additional tax I paid as a result. Because I did not complete the 1040X in Turbo Tax, while completing my 2016 Tax Return, Turbo Tax does not recognize that I withdrew the excess contribution and continues to prompt me for Form 5329. Is there any way to correct this within Turbo Tax so when I complete next years (2017) tax return, it does not prompt me to fill out Form 5329? Hope this is clear. Thanks
Andy

TurboTax Deluxe Online

Anonymous

To delete form 5329 for TurboTax online follow these instructions:

At the top of your page hover over "My Account"
Click on "Tools"
Click on "Delete A Form"
Scroll down and find "Form 5329" and click on delete next to it

To delete form 5329 from TurboTax Desktop follow these instructions:

Go into Forms mode by clicking "Forms" in the top right corner
Scroll through the forms in your return
Select "Form 5329"
Select "delete form" box at the bottom of the screen

macuser_22

Alumni - Champ

Until the excess contribution is removed the 5329 form will just come back.

Use the IRA contribution section and click on Roth contribution. Click through the interview until, the excess comes up and enter 0 (zero) in the box. That should remove the excess from both the carry over worksheet and the 5329 form.

Enter IRA contributions here:
Federal Taxes,
Deductions & Credits,
I’ll choose what I work on (if that screen comes up),
Retirement & Investments,
Traditional & Roth IRA contribution.

OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "ira contributions" which will take you to the same place.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

Torty

Level 5

I had a Roth ira for a a few days and recharacterized to traditional before taxes were due for 2018. I got 2019 Form 1099R been trying to amend but filling it out has been a mess.