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Retirement tax questions
Yes, for 2020 you can recharacterize the excess contribution (no penalty) or apply it to next year (here you would still pay the 6% penalty for 2020). Please see What happens if I made a ROTH IRA contribution but my modified adjusted gross income exceeds the lim... for details.
For the 2018 excess you could apply the excess as a 2019 contribution. You will have to amend your 2018 tax return and enter the Roth IRA contribution. TurboTax will then calculate the 6% penalty for the excess contribution on Form 5329.
You will also have to amend your 2019 tax return to apply the excess contribution as a 2019 contribution during the IRA contribution interview.
Please see How to amend (change or correct) a return you already filed.
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May 9, 2021
11:43 AM