Message Font: Serif | Sans-Serif
No. of Recommendations: 0
My situation is exactly same as the original poster, and I very much appreciate your response. However, I do have an additional question (for you and other members).

Does anybody how to enter these actions into TurboTax such that the right amounts show up on the appropriate lines (15a and 15b) in 1040, and Form 5329 (Part I) is correctly generated? Should I enter my (original) Roth contribution for 1999 when TurboTax asks me in the interview? If I do that, it claims there is excess contribution, but there does not seem to be a way to then tell it that I have withdrawn the contribution and all earnings on it. Any suggestions?

(BTW, I assume that it is not necessary to fill out Part IV of Form 5329 because the Roth IRA contribution has been completely undone, and there is no 6% penalty on the excess contribution, right?)

Thanks in advance,

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.