In March '25 I contributed $7000 to my Roth IRA and entered that in Turbotax, which said I contributed too much. I immediately filled out the return excess form on Fidenlity. Requested $2000 back but got $2006.30 like 3 days later.
The error I'm getting is:
IRA Contributions Worksheet: Line 26 - Taxpayer's excess Roth IRA contribution credit should be equal to $776, The Roth IRA contribution cred from Form 5329, Part IV.
Xs Roth IRA cont cred(T) __empty box__
I don't have any 5329 form from Fidelity.
On the Roth IRA worksheet on Turbotax review section
box 19 $7,000
box 24 $7,000
box 25 $2006
box 26 _Blank_ but Turbotax says it should be $776
box 27 $4994
box 29 $4994
box 30 $0 (It sorta seems like this should be $2006 or $2000) but I don't have Form 5329.
What the heck should I do??
It seems you entered a prior year excess contribution. If you do not have a excess contribution from prior years then please follow these steps:
Note, you should only enter $2,000 as the withdrawn contribution by the due date. Do not include the earnings on the penalty screen. Then you should have $2,000 in box 25.
It seems you entered a prior year excess contribution. If you do not have a excess contribution from prior years then please follow these steps:
Note, you should only enter $2,000 as the withdrawn contribution by the due date. Do not include the earnings on the penalty screen. Then you should have $2,000 in box 25.