When I removed the entire excess traditional IRA contribution before the penalty deadline and there was no earnings but loss, do I need to file Form 5329?

If I need to prepare Form 5329, all the lines on Form 5329 would show zero (0) because I removed the excess contribution timely. Do I still need to file Form 5329?

205

Expert Alumni

Apr 9, 2020 7:52:08 AM

No, you do not need to file this form when you withdraw the excess prior to the deadline.

Why sign in to the Community?

When I removed the entire excess traditional IRA contribution before the penalty deadline and there was no earnings but loss, do I need to file Form 5329?