topic Re: Form 5329 Correction in Get your taxes done using TurboTax

Form 5329 Correction

Andy2020 — Wed, 11 Feb 2026 08:52:42 GMT

Hi all,

I made an error on my 2020 form 5329. On line 42, I incorrectly entered an excess contribution amount for 2019, when it should have been zero. This caused me to have an excess contribution and additional 6% tax for the year. For each year since, I have carried over the excess and paid the 6% tax. I finally want to get this fixed so I don't have to keep paying the 6% every year.

How do I best correct? do I file an amended return for 2020, 2021, 2022 and then have a correct carryover amount (line 42) for my 2023 return? Other ideas?

Thanks for the help.

Andy

Re: Form 5329 Correction

DanaB27 — Sun, 14 Apr 2024 19:00:39 GMT

Yes, if did not have an excess contribution from 2019 then you will need to amend your returns and correct the entry on Form 5329.

Please see How do I amend my federal tax return for a prior year?

Re: Form 5329 Correction

Andy2020 — Mon, 15 Apr 2024 14:23:34 GMT

Great, thank you for your help.