Yes, you should be able to apply the excess from 2012 to your 2013 contribution in your 2013 tax return on 2013 Form 5329. You would enter the excess from 2012 on line 18. On line 19 you will enter the amount you are allowed to contribute for 2013 minus any other amount you contributed in 2013. Finish filling out part IV and there shouldn't be a penalty if you were able to apply the full excess as a 2013 contribution. Your financial institute wouldn't have to do anything for this transaction.
You would only have to pay the 6% excess penalty for 2012 calculated on 2012 Form 5329.
Please see Prior year Form 1040-X if needed.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
