IRA Contributions Worksheet
Hello. I have run into a problem while filing. I am being asked to fix an error. This is what I am getting, verbatim:
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IRA Contributions Worksheet: Line 7 - Taxpayer's excess traditional IRA contribution credit should be equal to $5500.00, the traditional IRA contribution credit from Form 5329, Part III.
Little background info:
I did not receive a Form 5329
Was laid off in 2012, 401k was converted to a rollover/traditional IRA
Withdrew $6,000 in 2013 (school, got married), when asked how much to pay up front, I decided on $600, 10%
I did not make any contributions or deposit any money into the IRA, although I have made gains
I have no idea what amount I need to put in Line 7, can someone please give me some guidance. Many thanks.
Last edited by pempleo : 02-26-2014 at 01:26 PM.
Reason: Forgot contributions statement