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Level 3
posted Apr 30, 2020 5:14:57 PM

Why is TT asking me to fill in Form 5329 with year end IRA value when I had no withdrawals or distributions?

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1 Best answer
Level 15
Apr 30, 2020 7:01:40 PM

Did you make an IRA contribution?  If so, it's probably an excess contribution and TurboTax needs to know the year-end value of your IRAs to be able to determine the penalty.

2 Replies
Level 15
Apr 30, 2020 7:01:40 PM

Did you make an IRA contribution?  If so, it's probably an excess contribution and TurboTax needs to know the year-end value of your IRAs to be able to determine the penalty.

Level 3
May 3, 2020 3:58:49 PM

Thanks for your reply.  It helped me discover that I incorrectly entered my PSP retirement contribution as an IRA. Fixed now.