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New Member
posted Apr 11, 2024 5:28:58 PM

Turbo Tax is requiring me to upgrade to the "deluxe" version because of a Form 5329 that I do not need to fill out and will not let me delete it in the tax tools delete.

TurboTax cannot understand that a 2000 dollar contribution is >6500$ and insists I have excess contributions and need to fill out a form 5329. The tax tools delete section will not let me delete the form even after it says "form deleted successfully" it just remains afterwards and still attempts to force me to file a form 5329 which just so happens to require TurboTax Deluxe to file.

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3 Replies
Expert Alumni
Apr 11, 2024 5:58:28 PM

After you Delete Form 5329, close TurboTax, clear your Cache and Cookies, then return to where you left off.

 

If Form 5329 comes back, an entry in your return is triggering it.

 

You may need this form in three situations:

 

  • Early distributions from a tax-favored account
  • Excess contributions to a tax-favored account
  • Failing to take required minimum distributions

 

Go back and review your 1099-R entries and the follow-up questions. 

 

Here's more detailed info on Form 5329. 

 

 

New Member
Apr 15, 2024 8:26:54 PM

I have the same problem because it determines I have excess something related to a 529 plan, but I cannot see the form nor get rid of it after clearing and starting over 3 times.  My university sent form 1098-T and box 1 is larger than box 5 by $579.  I gave up and filed an extension.  I owe $0.00 so this is so frustrating.

Expert Alumni
Apr 15, 2024 8:57:12 PM

For the 1099-Q, if all of it went to room and board and tuition, then you don't enter it. IRS Publication 970, Tax Benefits for Education states:

If the entire 1099-Q went to qualified expenses, room and board, tuition, etc then you do not need to enter the form. Tuition paid for the first 3 months of the next year also qualify, see page 12, What Expenses Qualify, and page 52 for qualified distributions.

 

Page 45  repeats: Don't report tax-free distributions (including qualifying rollovers) on your tax return.

 

I assume you are entering the 1098-T for the education credit and the student is claiming some scholarship income.

@baileya