Katie-P
Employee Tax Expert

Get your taxes done using TurboTax

Since you contributed to a Roth IRA for tax year 2023 and you were not allowed to do that, you would need to amend your 2023 tax return to add Form 5329 to report the excess contribution and pay the 6% penalty. Enter the excess contribution on line 23 of Part IV - Additional Taxes on Excess Contributions to Roth IRAs. Line 25 will have you enter the 6% penalty on the amount from line 22 + 23. 

 

On the 2024 return, you will indicate in TurboTax that you had an excess Roth IRA contribution, and you will now have a Form 5329 from 2023 that you can use to properly answer the 2024 questions. But it sounds like you may have already done that, just without a 2023 Form 5329 to substantiate it. I do not see the need to amend the 2024 tax return if it was ultimately reported correctly and you paid any applicable penalties.

 

[Edited 9/19/25 | 2:00AM PST]

@user17581396133 

 

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