I over-contributed to a Roth IRA in 2019. I discovered it on 1099-R in 2020. I plan to contribute less in 2020. Must I amend 2019 taxes or do I file the 5329 in 2020?

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I over-contributed to a Roth IRA in 2019. I discovered it on 1099-R in 2020. I plan to contribute less in 2020. Must I amend 2019 taxes or do I file the 5329 in 2020?

You must file a 2019 5329 and pay the 6% penalty because it was not removed by the due date of the 2019 tax return which was July 15, 2020.

You can apply the excess to 2020 contributions if you are eligible to make a 2020 contribution, otherwise you will owe another 2020 6% penalty on a 2020 5329 because it was also not removed in 2020 by December 31,2020.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

I over-contributed to a Roth IRA in 2019. I discovered it on 1099-R in 2020. I plan to contribute less in 2020. Must I amend 2019 taxes or do I file the 5329 in 2020?

Thank you for the help

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