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Should I amend my 2019 and 2020 tax filings? My Roth IRA contributions are incorrect for the 2019 and 2020 year. I have not made any withdraws from my roth account.

 
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2 Replies
MaryK4
Employee Tax Expert

Should I amend my 2019 and 2020 tax filings? My Roth IRA contributions are incorrect for the 2019 and 2020 year. I have not made any withdraws from my roth account.

If you had an overcontribution that was not corrected, you will need to file Form 5329.  If there are no other changes, you do not need to amend your return- you can send the 5329 separately.  

 

There are times when you should amend your return and times when you shouldn't. Here are some common situations that call for an amendment:

  • You realized you missed out on claiming a tax deduction or credit.
  • You accidentally claimed the wrong tax filing status.
  • You need to add or remove a dependent.
  • You forgot to claim taxable income on your tax return.
  • You realize you claimed an expense, deduction or credit that you weren't eligible to claim.
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Should I amend my 2019 and 2020 tax filings? My Roth IRA contributions are incorrect for the 2019 and 2020 year. I have not made any withdraws from my roth account.

you don't have to report a Roth contribution on your tax return.

Therefore, you don't have to amend it.

unless you claimed a credit that you weren't eligible to claim.

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