https://ttlc.intuit.com/community/retirement/discussion/return-of-ira-contribution/01/848855#M76475 <P>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?</P> Fri, 06 Sep 2019 18:41:34 GMT Joe4tax 2019-09-06T18:41:34Z https://ttlc.intuit.com/community/retirement/discussion/return-of-ira-contribution/01/848855#M76475 <P>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?</P> Fri, 06 Sep 2019 18:41:34 GMT https://ttlc.intuit.com/community/retirement/discussion/return-of-ira-contribution/01/848855#M76475 Joe4tax 2019-09-06T18:41:34Z https://ttlc.intuit.com/community/retirement/discussion/re-return-of-ira-contribution/01/848941#M76480 <P><EM><STRONG>we had our contributions returned to us;</STRONG></EM></P> <P>In what tax year was the 2018 over contribution returned? It matters for proper reporting.</P> <P>&nbsp;</P> Fri, 06 Sep 2019 22:59:27 GMT https://ttlc.intuit.com/community/retirement/discussion/re-return-of-ira-contribution/01/848941#M76480 Carl 2019-09-06T22:59:27Z