Amend 2024 tax return to add 5329 for excess Roth?

mc123
mc123 Member Posts: 1 Newcomer
in Filing my taxes

Hello. I discovered that I over contributed to my Roth in 2022 because I was over the income limit (though within range for a reduced contribution.) I filled out a form 5229 for 2022 and 2023, which I already mailed in to the IRS and I paid the calculated tax via IRS direct deposit.

I realized that I forgot to report the remaining excess amount on my 2024 return and include the 5329 form, which shows that I absorbed the remaining excess this year by staying below my max contribution for 2024. I just went in to try to amend this in my 2024 return and made edits in the deductions/credits → IRA contribution page, but no form 5329 generated for me to show that I resolved the remaining excess this year.

How do I get the form 5329 to generate or upload my own manually filled out form 5329 in my amended return? Or is it not an option to add the form 5329 and efile using an amended return?

Thank you

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Answers

  • Henry
    Henry FreeTaxUSA Agent Posts: 134 image

    Hi mc123,

    There isn't a way to upload your own Form 5329, but that form should generate once you enter the excess contributions from 2023 in the software. I can help you get this reported correctly:

    1. Go to Deductions/Credits > Common Deductions/Credits > IRA Contributions
    2. Be sure to answer "Yes" when asked if you had any excess IRA contributions in 2023.
    3. Two additional questions will appear. Answer "Yes" to the second question that refers to excess Roth IRA contributions.
    4. Enter any other 2024 Roth IRA contributions you made for 2024 on the next screen.
    5. Continue until you reach the 'Prior Year Excess IRA Information' screen. You are prompted there to enter the excess contributions from your 2023 Form 5329, Line 24. When you are done, Save and Continue.
    6. Go to the Federal Tax Summary screen, scroll to the bottom of that page, and choose to view your "as amended" supporting forms. You should see Form 5329 included there. Your excess contributions from 2023 will show on Line 18 in Part IV. However, you should see no excess contributions for 2024 on Line 24 of that form, and no additional tax on Line 25, as long as you haven't exceeded the contributions limits again for 2024.
  • fr12345
    fr12345 Member Posts: 1 Newcomer

    Hi Henry, I am going through a similar process for 2025 (excess contribution made in 2024, accidentally did not file 5329 in 2024, now trying to file 5329s with my 2025 taxes). When I follow these prompts, freeTaxUSA generates the 2025 Form 5329 but not the 2024 Form 5329. Is there a way to generate the prior year's 2024 Form 5329 or do I have to mail it separately to the IRS? Thank you in advance.

  • MatthewD
    MatthewD FreeTaxUSA Admin, FreeTaxUSA Agent Posts: 864 image
    edited March 10

    Hello fr12345,

    When you are preparing your 2025 return, only 2025 forms will be provided. You need to amend your 2024 return and report the excess on a 2024 amendment to generate a 2024 Form 5329.

    If you are new to FreeTaxUSA, read this article about amending a prior year return:
    https://community.freetaxusa.com/kb/articles/289-how-do-i-amend-a-tax-return-if-i-m-new-to-freetaxusa?

    If you filed a 2024 return with FreeTaxUSA, see this article about amending your prior year return:
    https://community.freetaxusa.com/kb/articles/331-how-do-i-amend-a-previous-tax-return?

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