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The following diagnostic is generating:

Form 5329 may be required for taxpayer's excess Roth IRA contributions if not withdrawn by the original, unextended due date of the tax return.

 

Solution:

There to inform you that the maximum deduction contribution may result in excess Roth IRA contributions that will have to be reported on Form 5329. The diagnostic can be removed by doing the following:

1) Go to Screen 24, Adjustments to Income.

2) Scroll down to the Roth IRA section.

3) Enter an amount other than 1 for Roth IRA Contributions (1=maximum)."

Informational, will not prevent e-file transmission.
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Comments
The-Tax-Lady
‎06-09-2022 05:25 PM
‎06-09-2022 05:25 PM

Since it's June, if the taxpayer had excess Roth contributions in 2021, it's too late to return the excess amount before the filing date, 4/18/2022, and avoid the penalty on the 2021 tax return.

IRonMaN
‎06-10-2022 08:43 AM
‎06-10-2022 08:43 AM

They evidently are going through old unanswered questions and providing solutions to ancient posts.  This is very helpful so that when someone has a similar problem, they will be able to do a search and not find this since the search function sucks.  Also, this is quite helpful since all of these zombie posts clog up this place so that real time questions get lost in the shuffle. 

The-Tax-Lady
‎06-10-2022 09:13 AM
‎06-10-2022 09:13 AM

I was wondering if we were all reduced to numbers now?

I just happened to log in, so thanks for the heads up. I was thinking it was probably all the new EA's with the credentials but no practical experience. 

Enjoying my retirement, which I highly recommend to anyone that's ready and can do it.

Thanks IRonMaN for all the years this forum and you, got me thru the tax years. 🙂

IRonMaN
‎06-10-2022 09:27 AM
‎06-10-2022 09:27 AM

@The-Tax-Lady - always happy to help.  Although I have limited helping ability since my strength is more in the humor area rather than taxes.  I saw a quote from Albert Einstein the other day that I kinda liked - Intelligence is not the ability to store information, but to know where to find it.  Based on that quote, it appears this place has a huge number of intelligent people because this is the first place they come looking for answers 😁