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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 (Including IRAs) and Other Tax-Favored Accounts as follows:

  1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
  2. Click Retirement Plan Income in the Federal Quick Q&A Topics menu to expand, then click Taxpayer/Spouse Additional taxes on qualified plans (Form 5329).
  3. Click Review on the applicable "Excess contributions to [the plan in question]" row, which can be "traditional IRAs," "Roth IRAs," "Coverdell ESAs," "Archer MSAs," or "Health Savings Accounts (HSAs)."
  4. The program will proceed with the interview questions for you to enter or review the appropriate information.

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

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.


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