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Joe4tax
New Member

Return of IRA contribution

In 2018 we contributed to IRA's when we were not allowed to (we had no W2 income). Per IRS instructions for Form 8606 (Return of IRA Contributions) we had our contributions returned to us; the instructions say to enter the total amounts returned on 1040 line 4a, the earnings on line 4b, and because we're not yet 59.5 years old we need to file Form 5329 and pay an extra 10% tax on the earnings. How do I do that on TurboTax?

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1 Reply
Carl
Level 15

Return of IRA contribution

we had our contributions returned to us;

In what tax year was the 2018 over contribution returned? It matters for proper reporting.

 

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