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Get your taxes done using TurboTax
Yes, you will have to amend your 2020 tax return to pay the 6% penalty. Just enter your Roth contribution and TurboTax will create Form 5329 for you.
Yes, if you are able to apply all the excess as a 2021 contribution then you don't have a 6% penalty and line 25 of the 2021 Form 5329 will show $0.
- Click on "Search" on the top right and type “IRA contributions”
- Click on “Jump to IRA contributions"
- Select “Roth IRA”
- On the "Do you have any Excess Roth Contributions" answer "Yes"
- On the "Enter Excess Contributions" screen enter the total excess contribution from 2020 (if it wasn't carried over).
- On the "How Much Excess to 2021?" screen enter how much you want to apply to 2021.
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April 18, 2022
2:36 PM
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