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Retirement tax questions
Please be aware, that the 6% penalty still applies for the excess contribution amounts from 2018, 2019, and 2020. If you had entered all the excess contributions in those years and the 6% penalty is correctly calculated on Form 5329 Part IV then you do not need to amend these years.
Please verify:
1.That you had entered the contribution on your 2018 tax return and got the penalty calculated on Form 5329.
2. That you entered the contribution on your 2019 tax return plus the excess contribution from 2018 and got the penalty calculated on Form 5329.
3.That you entered the contribution on your 2020 tax return plus the excess contribution from 2018 and 2019, and got the penalty calculated on Form 5329.
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‎February 28, 2022
5:03 AM