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Deductions & credits
Okay, I have a Form 5329T (self) and a Form 5329S (spouse) on my 2021 return. Part IV of the forms are filled in based on the info I entered on the 2021 form as to excess contributions in prior years. The amounts were self- generated from the 2021 information and is shown as 2020 excess contribution, although it did not come from a 2020 Form 5329. Also, Schedule 2 ( 2021 Form 1040 ) line 8 includes the 6% tax due.
I tried to amend my 2020 return, but it asks for excess contributions in 2019 or prior and it won't let me enter information directly into the Form 5329. Looks like I will pay the 6% fee on 2021 and 2022 taxes. Am I still missing something?
ā€ˇFebruary 27, 2022
8:51 AM