Question

How to enter my dependent's (my daughter) ROTH IRA information? (on 5329 form)

Forum|Forum|2 years ago
April 7, 2024
1 reply
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I have an issue with excess contribution to ROTH IRA for previous years 2020,2021,2022 and 2023. It is my daughter's ROTH IRA. She is a dependent under my wife and my tax return. I got the answers for what need to changes and files. Amending 2020,2021,2022 1040X with 5329 form and penalty check.

But I still can NOT use turbo tax desktop to add my daughter's ROTH IRA information to 5329 form.

I was advised to click the form format and search for 5329. It comes out two links. One 5329 form is under my name and SSN and the other is under my wife's name. There is no blank 5329 form that I can enter my daughter's info.

Any suggestions how to do that? ( I guess both amend previous year 2020,2021,2022 and current 2023 have the same issue).

Thanks in advance.

SC.

fanfare

Employee

If your daughter has a Roth IRA with an excess contribution, the Form 5329 has to have her Name and SSN on it.

If she did not have to file a return, Form 5329 can be filed separately.

You can get the needed forms 5329 for those years in fillable PDF format at IRS website.

"If you're filing [...] for a minor child who cannot sign the return, sign the child's name followed by the word "by," then your signature, and your relationship, such as "parent" or "guardian for minor child." (IRS)

I don't see in Instructions where to mail it. I assume it is the same address she would use for Form 1040.

@kaitech3

K

kaitech3Author

Thanks for the advice.

I do have all the previous years' 5329 form. It is easy to fill it up manually. I believe IRS still need me to file the 1040X for those years I guess. That's why I have to use Turbo Tax software. (My daughter is filed tax with my wife and I. She is a dependent.) I just frustrated that Turbo tax won't let me enter her Roth IRA info (at least I couldn't find a way to do that.)