topic How can I amend my filed and approved 2020 FIT return for incorrect Excess Contributions amounts? in After you file

How can I amend my filed and approved 2020 FIT return for incorrect Excess Contributions amounts?

Bob5110 — Thu, 01 Apr 2021 19:43:57 GMT

I mistakenly assumed that Excess Contributions meant the cumulative amount contributed in previous years which were allowable but non-deductible for tax purposes due to my income level.

Re: How can I amend my filed and approved 2020 FIT return for incorrect Excess Contributions amou...

MarilynG1 — Thu, 01 Apr 2021 20:51:37 GMT

Click this link for instructions on How to Amend Your Return. Don't submit your amended return until you receive your refund (or your payment has processed) from your original filing.

Form 8606 keeps track of your Non-Deductible IRA Contributions each year. You are asked for the amount of these contributions made previously if you are reporting a non-deductible contribution in the current year.

Click this link for info on Form 8606.

An excess contribution is generally one that exceeds the IRA contribution limit (or income limits).

This article has helpful info on IRA Contributions.

Re: How can I amend my filed and approved 2020 FIT return for incorrect Excess Contributions amou...

Bob5110 — Thu, 01 Apr 2021 21:21:31 GMT

Once I am in the Amend Return screen, how do I now adjust my Excess IRA contributions on Form 8606? I can not find access to this form from the available options.

Re: How can I amend my filed and approved 2020 FIT return for incorrect Excess Contributions amou...

DanaB27 — Sat, 03 Apr 2021 17:57:28 GMT

Form 8606 is for nondeductible contributions, conversions, and Roth distributions. If you want to make a traditional IRA contribution nondeductible then go through the IRA contribution section and on the “Choose Not to Deduct IRA Contributions” screen choose “Yes, make part of my IRA contribution nondeductible” and enter the amount (If you have a retirement plan at work and are over the income limit it will be nondeductible and you only get a screen saying $0 is deductible)

If you made an excess contribution but withdrew the excess contribution and earnings then you will enter this in the IRA contribution section when you are on the penalty screen. If you had an previous year excess contribution that you did not withdraw then you can enter this also in the IRA contribution section when TurboTax asks about prior year excess contribution.

Click on "Search" on the top right and type “IRA contributions”
Click on “Jump to IRA contributions"

If this does not answer your question then please provide more details about your situation.