2021 excess Roth Ira contribution

[Tu2121]

I already filed my 2021 tax return last year. I made 2021 contributions of $2000 for IRA and $6000 for Roth Ira. Now I realized that I was eligible for only total of $6000 combined (I am under 50 y.o)

I know that I can apply extra $2000 Roth Ira contribution I made in 2021 to my 2022 year and will able to contribute only $4000 this year. How should it be done? Should I amend my 2021 tax return? Should I contact my broker to request 1099-R form? Or just do nothing?

[Tu2121]

I forgot to mention that I have accounts with 2 different brokers: one for IRA and another for ROTH IRA. 

[DanaB27]

No, need to contact your broker and you don't need to amend your 2021 tax return if you have the 6% penalty calculated on your 2021 tax return on Form 5329 part IV.

To absorb the 2021 excess in 2022 please follow these steps:

1. Click on "Search" on the top right and type “IRA contributions”
2. Click on “Jump to IRA contributions"
3. Select “Roth IRA”
4. On the "Do you have any Excess Roth Contributions" answer "Yes"
5. On the "Enter Excess Contributions" screen enter the total excess contribution from 2021 if it wasn't carried over ($2,000).
6. On the "How Much Excess to 2022?" screen enter $2,000.

[Tu2121]

I didn't have 6% penalty on my 2021 return since I realized that I made excess ROTH IRA contributions after I filed my 2021 taxes.

[DanaB27]

If you didn’t enter both IRA contributions into TurboTax and didn’t have the 6% penalty calculated on your 2021 tax return then you will have to amend your 2021 tax return. Please see How do I amend my federal tax return for a prior year?

You will enter your traditional IRA and Roth IRA contributions into the amended return and TurboTax will automatically create Form 5329 with the 6% penalty.