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Get your taxes done using TurboTax
If you didn't report the excess contributions in the years they were made, you need to go back and amend the tax return for each year you had excess contributions to pay in the excise tax applicable to each year. TurboTax will calculate that and prepare the necessary forms once you enter the amount of your IRA contribution. You will see an option to amend your tax returns on your home page when you log into TurboTax.
You need to withdraw an amount equal to the excess contribution in the current year or reduce your allowable contribution in the current year by the accumulated excess contribution amount to avoid being penalized in the current and future years.
You will receive a form 1099-R in 2022 which will report the 2021 distribution (if necessary) and you will enter that on your 2021 tax return to account for the distributions this year.
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