I just realized in 2020 my adjusted MAGI put me over my Roth IRA contribution. I have a partial overage that I would like to apply to my 2021 return.
I did not fill out a 5329-T last year and I must have not entered my Roth contribution in TurboTax last year because TurboTax did not warn me that I overcontributed.
So, I am now using the 2021 5329-T to apply the excess contribution from 2020 to my 2021 Roth contribution. I am within the income limits so this is fine.
My questions are:
The line 25 on the 5329-T does not calculate a 6% penalty and shows a zero. Is this correct?
Do I need to amend my 2020 tax return to add a 5329-T form there, too??
