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Mischaracterized Non-Deductible IRA/Excess Roth Contribution
Hi - I was scrutinizing my completed (but not yet filed) 2021 return and realized that I have been carrying over an "excess contribution" to a Roth IRA since my 2018 return and paying a 6% penalty each year since then (as shown in Part IV on Form 5329). In reality, in 2018 I made a non-deductible contribution (due to income above the IRS limit) to an IRA and quickly back-doored it to a Roth. I must have answered a question incorrectly in TurboTax that resulted in this appearing as an "excess contribution" to my Roth. This "excess contribution" has shown up in Part IV of Form 5329 since 2018. In my 2018 return I also correctly entered the Non-Deductible contribution and completed Form 8606. What do I need to do to correct this? Do I need to amend 2018 - 2020 returns to keep this from appearing each year?