I filed a form 5329 for 2023 when I actually didn't need to, when should I file an amendment?

[Purple13]

Hello, first time posting here and couldn't find anyone with quite my situation.

When filing my 2023 taxes, I incorrectly entered into Turbotax that I had over-contributed to a traditional IRA. This led to Turbotax generating a Form 5329, and I paid the additional tax penalty. However at that time, I actually did not have any IRA account at all.

Now that I am filing my 2024 taxes, I have realized my mistake. The problem is, when filing 2024 taxes, it asks me if I have over-contributed to an IRA account in a previous year. I don't believe there's enough time to file an amendment to my 2023 taxes for the correction to register before the 2024 taxes are due. 

What's the best way to tackle this in Turbotax for 2024? If I select "yes" and enter the over-contribution, then could I file amendments for both my 2023 and 2024 returns afterwards?

Thank you,

JC

[AmyC]

File your 2024 return correctly. Amend the 2023. The IRS takes years to go through and match everything up. Your amended 2023 will have caught up by then.