DanaB27
Expert Alumni

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.

 

  1. Click on "Search" on the top right and type “IRA contributions”
  2. Click on “Jump to IRA contributions"
  3. Select “Roth IRA
  4. On the "Do you have any Excess Roth Contributions" answer "Yes"
  5. On the "Enter Excess Contributions" screen enter the total excess contribution from 2020 (if it wasn't carried over).
  6. On the "How Much Excess to 2021?" screen enter how much you want to apply to 2021.

 

 

 

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