I realized that I've contributed to a roth IRA for the last 2 years, when I am technically not allowed to, due to the income limits. How do I fix my 2019 returns?

[AT25]

@ReneeM7122 

Thanks for the reply. I understand I don’t need to pay for 2021 if I fix it now. But what about 2020? I’m just unclear if I need to pay it for 2020 since I didn’t fix it based on calendar year, but technically ok based on tax year 2020. Hopefully that makes sense. 

[dmertz]

Earnings are not contributions.  Because they are not contributions, they are not excess contributions.

[AT25]

@dmertz 

so don’t need to do anything tax wise for earnings that I recharacterized to a traditional? The 1K?

since I only pulled the 2019 excess in 2021, do you know if I need to pay the 6% penalty for 2020?

[dmertz]

The $6,000 excess contribution for 2019 is subject to a 6%, $360 penalty on your 2020 Form 5329, because this excess was not resolved until after the end of 2020.

[AT25]

@dmertz 

ok. Makes sense just needed confirmation. So I’ll pay the penalty twice for 2019 and 2020