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E
ehippie
January 26, 2025
Question

I don't why Turbo Tax is showing that I have " Tax on excess accumulations in retirement account".

  • January 26, 2025
  • 1 reply
  • 0 views
I don't understand why Turbo Tax is showing that I have " Tax on excess accumulations in retirement account".

    1 reply

    M
    MayaD
    January 27, 2025

    This could happen if you didn't take the RMD(Required minimum Distribution).

    Or, If you contributed more than you are allowed in a given tax year to your retirement account. 

    Form 5329 is used to report additional taxes on:

    • IRAs,
    • Other qualified retirement plans,
    • Modified endowment contracts,
    • Coverdell ESAs,
    • QTPs,
    • Archer MSAs,
    • HSAs, or
    • ABLE accounts.

    For more details please check DianeW777 response

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