DanaB27
Expert Alumni

Get your taxes done using TurboTax

No, you cannot use TurboTax to amend Form 1040-X.

 

You will need to file 2021 Form 5329 Part IV for the 6% penalty. Enter the excess contribution for 2021 on line 23 and fill out lines 24 and 25.

 

Excess contributions are taxed at 6% per year for each year the excess amounts remain in the IRA. The tax can't be more than 6% of the combined value of all your IRAs as of the end of the tax year.

 

You will need to remove the excess contribution to avoid paying the 6% in future years. You will request a regular distribution since it is after the due date of the 2021 tax return.

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