Question

Need to review IRA Contributions Worksheet: Line 27, but I have not contributed to my IRA this year

Forum|Forum|6 years ago
February 5, 2020
1 reply
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Hello!

I am attempting to file my taxes for 2019. I am being asked to review the following: IRA Contributions Worksheet: Line 27 taxpayer's excess roth ira contribution should equal 5500 the roth ira contribution credit from form 5329 part iv

Line 27 is blank. Every other line for the IRA form is blank. When I enter zero for line 27, or leave it blank, I cannot proceed, and I am prompted to review it once more.

I did not contribute to my Roth IRA in 2018, or 2019. I did not file in 2018 because I had no income. I over contributed once, in 2016 or 2017 I believe, and I paid an extra tax on my over-contribution.

How do I proceed?

TurboTax Free Edition Online

D

dmertz

Employee

The excess remains in your Roth IRA and subject to the excess contribution penalty every year until the excess is removed or is applied as a subsequent year's contribution. Since you are eligible to apply this excess as part of your 2019 Roth IRA contribution, TurboTax is telling you that you must do so to eliminate the penalty for 2019 and beyond. Apparently you were not eligible to apply this excess as part of your 2017 or 2018 Roth IRA contribution, so you paid the 6% penalty for each of those years and the excess remains to be resolved on your 2019 tax return.