excess Roth IRA contributions for multiple years.

[ThomasM125]

Boxes 1 and 2(a) are correct as you listed them. Box 3 would be blank, as it represents the capital gain included in box 2(a). Box 5 and 6 would be blank. Code J and P are good in box 7. Leave boxes 8 to 13 blank. You can leave the state number out and put the state earnings in box 16, it would be the same amount as box 1.  @michaeljordan198 

[DiverJudge]

So for 2022. If your Roth lost money, you will end up recharacterizing less than you actually contributed.

[DanaB27]

No, if you lost money you will still recharacterize the full contribution amount but you will transfer less to the traditional IRA. The losses are deemed to have taken place in the traditional IRA because with a recharacterization you pretend that you never made a Roth contribution but made a traditional IRA contribution.

For example, if you made a $5,000 contribution to the Roth IRA and had a $500 loss and recharacterized it you will enter $5,000 as recharacterized but only $4,400 get transferred.  If you make the contribution nondeductible then you would show a $5,000 basis on Form 8606 (the contribution amount).

@DiverJudge 

[michaeljordan198]

@DanaB27 

Hi, thank you for guiding me through, I am done with my 2022 tax filing and trying to amend my 2020 and 2021 tax.

I can not locate the GUI interface to input my excess contribution for 2020 as I did for 2022  (search for IRA contributions->jump to ....).

I am using 2020 Turbotax online version, is there any special instruction?

Thank you

[DanaB27]

Yes, please follow these steps to get to the IRA contribution section:

1. Open your return
2. Click “Deductions &Credits” on the top
3. Click "I'll choose what to work on"
4. Scroll down to “Traditional and Roth IRA Contributions” and click “Start”
5. Select “Roth IRA”

@michaeljordan198 

[michaeljordan198]

@DanaB27 

Thank you so much for the prompt response, one last question, do I need to amend my state tax return for the excess Roth IRA contribution I made for year 2020 and 2021. I do not think I need to amend my state tax return for tax year 2020 and tax year 2021, is it correct?

[michaeljordan198]

@DanaB27 

I experienced another technical issue when trying to e-file my 2020 amendment due to 2020 excess contribution. I want to direct-debit from my bank account, and the software shows the following error which prevent me from moving forward with e-file. (the 1243 dollars shown there was the tax amount owed and paid by me already in 2020's tax return).

[DanaB27]

You might have to make your payment online on the IRS website or mail a check. Please see IRS Make a Payment for details.

Please be aware, some users experienced issues when trying to e-file prior year amended returns. You might have to print and mail your 2020 amended return.

In regards to your state return, if the state refund/balance due didn't change then you do not need to file an amended state return.

@michaeljordan198 

[michaeljordan198]

@DanaB27 

thank you sir. I played with the TurboTax software and find the following hack. If I choose the option to pay the due by mailing a check instead of direct debit from my bank, then TurboTax software allows me to e-file the amended return for 2020. Then instead of mailing a check, I can go to the https://www.irs.gov/payments website to pay my due online which is much faster. 

Do you see a problem doing the above?

thanks you for all the help, appreciate it. 

[DanaB27]

No, this shouldn't cause any issues, you can pay online at the IRS website instead of mailing a check.

@michaeljordan198 

[michaeljordan198]

@DanaB27 

Hi, DanaB27,

I did e-file my 2020 amended return using Turbotax online version, and after transfer the return successfully, it shows "Rejected" as shown in the following picture, not sure what I should do now. Thanks,

[michaeljordan198]

@DanaB27 

is the only solution going to be using the saved amended return pdf, print and mail it out?

[michaeljordan198]

@DanaB27 ,

a little more info regarding why the amendment tax return getting rejected as shown in the picture.

1) I think it is a software error related to e-file, in other words, the saved pdf file for the amend return should have no error and I can just print it and mail it out?

2) if I want to pay online using IRS website, I do not need to include the Voucher 1040-V in the mail, in other words, I only need to include forms beginning with 1040-X, correct?

[michaeljordan198]

@DanaB27 

If go back trying to Turbotax online to fix the 2020 amended return , it will not allow me to do so, instead it asked me to download a desktop version which I tried and only has the option of mail rather than e-file.

Interesting enough, I successfully e-file my 2021 amended return and get accepted by IRS.

Is there a way to enable my online amendment capability for tax year 2020?

Too many questions, thank you...

[HopeS]

Your 2022, 2021, or 2020 federal Form 1040-X amended return may be eligible for electronic filing if the original return was successfully e-filed using TurboTax. However, there is a chance your return cannot be electronically filed. If this happens, you'll need to print and mail your tax return.

If paper filing I suggest you mail the return to the address on the instruction page using Certified Mail.

Here are some things to know before you begin:

• You have three years from the date you filed your return or two years after you paid the tax due (whichever is later) to file an amendment
• Make sure you really need to amend
• Use the same TurboTax account you used to file your original return
• Once you begin your amendment, you'll see your original return. Only make changes to the areas of your return that need amending. The refund calculator will start new at $0 and only reflect the changes in the refund or tax due
• Any changes you make to amend your federal return will automatically be transferred over to your state return

Below are some guidelines to assist you with preparing your 2020 Amended Return.

Can I efle 2020, 2021 Amended?

How to Amend

Amending Returns

@michaeljordan198