Back in 2021, when I started filling out my taxes with TurboTax, I mistakenly entered my prior year contribution as an excess contribution. And, since then, I have been paying a 6% additional tax on that amount. I was confused enough by the process that I didn't understand what I was doing at the time. However, now that I understand what I did, I have questions about how to correct the issue.
For this year's taxes, on form 5329, I have an excess contribution from previous form 5329s. Is it possible to correct this on the current tax forms, or do I need to go back and correct previous tax forms first?
If I correct previous tax forms, is it possible to get my excess tax contribution back?
Thank you.
