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Level 2
posted Mar 26, 2023 5:46:43 PM

Where to input excess Roth IRA contributions for previous years in TurboTax

Hi all,

 

I need to file Form 5329 for TY 2019, 2020, 2021, and 2022, since only now in 2023 I fixed my over-contribution issue in my Roth IRA.

 

Turbotax allows me to input and generate the From 5329 for TY 2022; however, I also need to file Form 5329 for TY 2019, 2020, and 2021. How can I file these with TurboTax? If that isn't possible, I will have to e-file Form 5329 and 1040 for TY 2022, and paper file Form 5329 for TY 2019, 2020, and 2021 together with a 1040X?

 

Thanks!

0 3 531
3 Replies
Expert Alumni
Mar 27, 2023 6:51:12 AM

To file form 5329 (and pay the excise tax) for 2019, 2020 and 2021, you will have to amend your tax returns for those years as form 5329 is generated as part of the amended returns.

 

 

Please follow the instructions in this TurboTax Help article to prepare your tax returns for 2019, 2020 and 2021.

Level 2
Mar 27, 2023 8:07:26 AM

Thank you MinhT1.

 

What exactly do I amend in TurboTax in my previous in order to trigger the Form 5329? Should I make changes to the "Traditional and Roth IRA Contributions" section?

Expert Alumni
Mar 27, 2023 8:38:23 AM

Yes. TurboTax will recognize your overcontribution and trigger form 5329.