topic Overpayment on IRA in Retirement tax questions

Overpayment on IRA

reneaucook — Sat, 01 Jun 2019 04:37:44 GMT

I had an overpayment on my IRA last year. I had already paid for 2016 before I new it was over. I want to pay my penalty this year and just let the overage ride for next year. Why can't I file on line and do I have to file another form or what.

What do you mean by "overpayment." Did you contribute mo...

dmertz — Sat, 01 Jun 2019 04:37:46 GMT

What do you mean by "overpayment." Did you contribute more to a traditional IRA than permitted? Doing so does not prohibit you from e-filing.

Yes, contributed 2,224. to much. Now when I try to finish...

reneaucook — Sat, 01 Jun 2019 04:37:48 GMT

Yes, contributed 2,224. to much. Now when I try to finish and file it tells me there is something that needs to be fixed. So I need to Check This Entry. IRA Contribution Worksheet Line 7: Spouse $2,224. It says the line should be blank. What do I need to do?

This error suggests that your original reporting showed t...

dmertz — Sat, 01 Jun 2019 04:37:48 GMT

This error suggests that your original reporting showed that spouse had an excess traditional IRA contribution carried in from 2015 that you originally indicated should be applied as a 2016 contribution, but subsequent changes to your tax return have made it so that either your spouse it not eligible for this to be applied as a contribution for 2016, or you removed the indicate that your spouse had in excess contribution carried into 2016 from 2015.

In the Federal Review, you should be able to simply select and delete the entry.

That fixed it! Thank you so much for your help.

reneaucook — Sat, 01 Jun 2019 04:37:50 GMT

That fixed it! Thank you so much for your help.