Question

How to fix an error? I inputted the value of a Roth TPS into a Roth IRA by mistake last year, and now it is continuously flagged. Is there a way to fix it?

Forum|Forum|1 year ago
March 30, 2025
1 reply
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Current active duty, have always a Roth TPS and not a Roth IRA. I inputted the TPS value into the Roth 1099R. Is there a way to clear that up?

D

DanaB27

I assume you have a carry over on the "Enter Excess Contributions" screen. Please follow these steps to delete the entry:

Click on "Search" on the top right and type “IRA contributions”
Click on “Jump to IRA contributions"
Select “Roth IRA”
On the "Do you have any Excess Roth Contributions" answer "Yes"
On the "Enter Excess Contributions" screen delete the carry over.

To confirm did you delete the Roth IRA contribution when you filed your 2023 tax return or do you show a penalty on your 2023 Schedule 2 line 8? If you show a penalty then you will have to amend your 2023 return to remove the Roth IRA contribution entry. This will remove the 6% penalty on Form 5329 and therefore on Schedule 2. Please see How do I amend my federal tax return for a prior year?

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A

alexander-h-gertzAuthor

As a follow-up question, when will the change to the amended 2023 taxes take affect? I performed the recommended actions and they worked, however I still am not able to finalize and submit the 2024 federal taxes. The excess returns refuse to go to to change from the expected amount despite numerous attempts. I assume that it won't allow the change until the tax return for 2023 is recognized.

What would the estimated time be for the amended return to be recognized; and if it will exceed 15April2025, is there another action I can take?