Question

I did not contribute to an IRA this year. Why is turbotax asking me to fill out a 5329 excess contribution?

Forum|Forum|2 years ago
March 17, 2024
1 reply
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Turbotax is claiming I had an excess contribution to my IRA this year, but I think it is taking that value from my 401k contributions. What should I do?

TurboTax Free Edition Online

DoninGA

Employee

A contribution to an employer provided 401(k) retirement account is only entered on your W-2 in box 12 with a Code of D. It is not entered anywhere else on the tax return.

If you entered the contributions as an IRA then you need to delete those contributions.

To enter, edit or delete an IRA contribution -

Click on Federal Taxes (Personal using Home and Business)
Click on Deductions and Credits
Click on I'll choose what I work on (if shown)
Scroll down to Retirement and Investments
On Traditional and Roth IRA Contributions, click the start or update button