Form 5329 - Excess Contributions

If the contributions made to your traditional IRA, Roth IRA, Coverdell ESA, Archer MSA, or HSA exceed your maximum contribution limit for the year, you can review the additional tax entries on Form 5329, Additional Taxes on Qualified Plans and Other Tax-Favored Accounts as follows:

  1. From within your TaxAct® return (Online or Desktop), click Federal. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal.
  2. Click Retirement Plan Income  in the Federal Quick Q&A Topics menu to expand the category and then click [Taxpayer or Spouse] Additional taxes on qualified plans (Form 5329)
  3. Click Review next to the Excess Contributions to [the plan in question] -- Traditional IRA, Roth IRA, Coverdell ESA, Archer MSA, or HSA
  4. The program will proceed with the interview questions for you to enter or review the appropriate information

You may wish to refer to the IRS Instructions for Form 5329 for additional information about excess contributions.