Randy Haynes
Level 4

I have a self-employed client who has excess solo 401(k) contributions. In ProSeries, on the worksheet for Form 5329, I am entering the excess contribution on line 14B. That brings up an error on line 16A where I am instructed to enter the value of traditional IRA on 12/31. Are they really asking the value of a traditional IRA or the solo 401(k)?

Also, do I still report the excess solo 401(k) contributions on the Keogh, SEO and SIMPLE Contribution Worksheet Part 1 line 6?

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