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matt163
April 7, 2025
Question

How do I remove form 5329-S from my tax return? It has been included because of Roth overpayment in 2014 and I've been paying the fee for that year every year since.

  • April 7, 2025
  • 1 reply
  • 0 views
I've paid the same $107 fee every year now for 10 years. Seems incorrect. Will turbotax 100% guarantee give a refund?

    1 reply

    D
    DanaB27
    April 7, 2025

    To clarify, did you remove the excess contribution from your Roth IRA? 

     

    If you did not remove the excess then you will have to pay the 6% penalty as long as the excess is in the Roth IRA account. Please take a regular distribution without earnings of the excess amount to resolve the excess contribution in 2025.

     

    If you removed the excess contribution in the past then you need to amend your return to remove 6% penalty. Please see How do I amend my federal tax return for a prior year?

     

    1. Click on “Jump to IRA contributions"
    2. Select “Roth IRA”
    3. On the "Enter Excess Contributions" screen delete the entry

     

     Please review How do I submit a claim under the TurboTax 100% Accurate Calculation Guarantee.

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
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    Employee
    April 7, 2025

    The 6% penalty per year is intended to motivate you.

    Deleting the form so you no longer pay the penalty is just contributing to the TAX GAP.

     

    @matt163 

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