Contributed for 2024 in March '25 then had to do Excess Roth IRA contribution, no tax forms, errors on IRA contributions.

Forum|Forum|11 months ago
April 12, 2025
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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??

TurboTax Premier Online

Best answer by DanaB27

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:

Click on "Search" on the top right and type “IRA contributions”
Click on “Jump to IRA contributions"
Select “Roth IRA”
On the "Enter Excess Contributions" screen delete the entry.
Continue until the penalty screen and enter the excess contribution amount withdrawn ($2,000).

Note, you should only enter $2,000 as the withdrawn contribution by the due date.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.

DanaB27Answer

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:

Click on "Search" on the top right and type “IRA contributions”
Click on “Jump to IRA contributions"
Select “Roth IRA”
On the "Enter Excess Contributions" screen delete the entry.
Continue until the penalty screen and enter the excess contribution amount withdrawn ($2,000).

Note, you should only enter $2,000 as the withdrawn contribution by the due date.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.

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