DanaB27
Expert Alumni

Retirement tax questions

Yes, you will be subject to the 6% penalty for the 2020 excess on your 2021 tax return/ 2021 Form 5329 because the 2020 excess wasn't removed by December 31, 2021. The extended time until the due date of the 2021 tax return would only apply to a 2021 excess contribution, not to the 2020 excess.

 

@kojajt 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"