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Confuseme
Level 1

Return of Excess Contributions in a Roth IRA, using Codes P and J. Form 5329 shows Excess Contributions on Line 24 of 2019 5329.

I contributed $7000 to my wife's Roth IRA as well as my own in 2020.  I ended up with no earned income and my wife lost her job.   I had the custodian return the $7000 and $7000 in January 2021, (Last month).  In my 2020 taxes, I have built substitute 1099R's since I will not received 1099R's for these transactions until January 2022.  I used Codes P and J in Box 7 of the forms.  (Excess Contribution and Early Distro from Roth.)  Everything looks about right, except on the 5329's that are generated in the program.  Part IV Line 18 says "Enter your excess contributions from Line 24 of your 2019 Form 5329" and then is auto populated with "$7000".   

There was no 5329 included in my 2019 taxes and certainly no excess contributions.  Then the other lines 19 &  22, have numbers populated.  $3886 and $3114. 

 

Does anyone have any idea where then numbers are generated from and how to fix them?

 

Thanks!

 

2 Replies
pcarlson9
Level 2

Return of Excess Contributions in a Roth IRA, using Codes P and J. Form 5329 shows Excess Contributions on Line 24 of 2019 5329.

@Confuseme 

Have you found a solution to this yet, I have the same problem. I have been on with TT support and they think it may be that the TT code hasn't been updated for 2020? Hoping they are working on it but wondering if  you found a solution since.

pcarlson9
Level 2

Return of Excess Contributions in a Roth IRA, using Codes P and J. Form 5329 shows Excess Contributions on Line 24 of 2019 5329.

@Confuseme 

I found what I was doing wrong to cause this problem. It was a result of my saying Yes to the question "Did you make an excess Roth contribution in a Prior year".  Since we are working on our 2020 taxes and the excess contribution is for 2020 the answer to that is NO. 

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