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V
vicki_dillon
February 4, 2021
Question

?Why does Turbo tax say I have excess contribution/deduction on Form 5329 when I don't have a Form 5329 and what is it?

  • February 4, 2021
  • 1 reply
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What is Form 5329?

1 reply

DawnC
DawnC
Employee
February 4, 2021

Taxpayers use Form 5329 to report additional taxes on IRAs, other qualified retirement plans, modified endowment contracts, Coverdell ESAs, QTPs, Archer MSAs, or HSAs.   TurboTax will generate Form 5329 if you report any excess contributions to any tax-favored accounts or an early withdrawal from those accounts.    The form will also generate if you indicated that you did not take a required minimum distribution (RMD).    Although, the RMD requirements for 2020 were waived under the CARES Act.  

Did you have contributions to any of those accounts?  

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