DanaB27
Expert Alumni

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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