How to fill in Form 1040x and 5329 for excess Roth IRA contribution?

[Sam135]

I just withdrew excess Roth IRA contributions from prior years (like 2017 or earlier). Is there a post with detailed instructions regarding how to fill in Form 1040x and 5329? Thanks

[ThomasM125]

If you made excess ROTH IRA contributions in 2017 and reported them on your tax return in TurboTax, the program would have populated form 5329 automatically and paid in the associated penalty. So, there would be no reason to amend the return.

If you did not report the contributions, then you can amend the return in TurboTax to report the contributions. You will see an option to amend prior year returns on your Tax Home page once logged into TurboTax. Look under Your tax returns and documents for the amend option. Once in the amend routine, enter your IRA contributions in the Deductions and Credits section, and then Traditional and Roth IRA Contributions. Once you enter your contributions, form 5329 will be generated automatically.

[Sam135]

Thanks for feedback! I figured out how to use TurboTax Deluxe for 1040-X

[jywhittaker]

I have a similar situation. I over contributed my Roth Contribution limit in 2018 between my 401(K) and Roth TSP combined. I seemed to remember TurboTax giving me a caution about having gone over and I had always assumed that I had paid the penalty. But, now going back and looking I do not see a 5329 filed in 2018. So, I assume I need to do that now, for 2018-2022. The website says I can’t amend 2018, only 2019-2021. Is there a way to do it through Turbo Tax, and does impact State filings too? 

[RobertB4444]

Yes.  Log in to your TurboTax account and click "amend a return that was already filed and accepted."  the system will walk you through your options and you'll be able to add any required forms.

@jywhittaker 

[jsherman2234]

Thanks for all of this information.

I over contributed in 2020 and 2021 to my IRA Roth. I removed the contributions and my tax expert reflected this on my 2022 tax return with the 5329 form; however she is saying I need to file amendments for 2020 and 2021 to reflect these overcontributions.

-What part of the 1040x form do I fill out to reflect this for each year and generate the 5329 for each year?

[fanfare]

your tax expert could not have filed a correct 2022 return without your amendments in  place

UNLESS

she ASSUMED you will be doing it and filed as if your amendments for the prior years were filed.

your excess is carried forward on Form 5329

Look at your 2022 Form 5329 Line 18 for a Roth to see what excess you show being carried from 2020 and 2021..

@jsherman2234