https://ttlc.intuit.com/community/retirement/discussion/for-the-past-few-years-until-recently-i-ve-been-confusing-my-roth-401k-through-my-employer-with-a/01/2162378#M145516 For 2019, I only had $12 over the max contributions for an IRA which resulted in a penalty. This year is much higher. Is it fine to simply just not report Roth IRA on my 2020 tax filing? Or do I need to retroactively adjust my previous year filings? Fri, 02 Apr 2021 02:12:52 GMT griffenclark 2021-04-02T02:12:52Z https://ttlc.intuit.com/community/retirement/discussion/for-the-past-few-years-until-recently-i-ve-been-confusing-my-roth-401k-through-my-employer-with-a/01/2162378#M145516 For 2019, I only had $12 over the max contributions for an IRA which resulted in a penalty. This year is much higher. Is it fine to simply just not report Roth IRA on my 2020 tax filing? Or do I need to retroactively adjust my previous year filings? Fri, 02 Apr 2021 02:12:52 GMT https://ttlc.intuit.com/community/retirement/discussion/for-the-past-few-years-until-recently-i-ve-been-confusing-my-roth-401k-through-my-employer-with-a/01/2162378#M145516 griffenclark 2021-04-02T02:12:52Z https://ttlc.intuit.com/community/retirement/discussion/re-for-the-past-few-years-until-recently-i-ve-been-confusing-my-roth-401k-through-my-employer-with-a/01/2162926#M145533 <P>You should file a corrected 2019 Form 5329 along with Form 1040-X primarily to correct the $12 of excess that otherwise carries forward to line 18 your 2020 Form 5329.&nbsp; With this amendment you can also claim a refund&nbsp;of the $1 penalty paid unnecessarily.&nbsp; (On the Form 1040-X you can choose to credit the $1 refund toward your 2020 tax liability).</P> Fri, 02 Apr 2021 12:44:52 GMT https://ttlc.intuit.com/community/retirement/discussion/re-for-the-past-few-years-until-recently-i-ve-been-confusing-my-roth-401k-through-my-employer-with-a/01/2162926#M145533 dmertz 2021-04-02T12:44:52Z https://ttlc.intuit.com/community/retirement/discussion/re-for-the-past-few-years-until-recently-i-ve-been-confusing-my-roth-401k-through-my-employer-with-a/01/2166647#M145758 <P>Thank you! And also, for filing form 1040-X, what box should I fill out to correct the invalid $12 of excess contributions?</P> Sat, 03 Apr 2021 17:15:16 GMT https://ttlc.intuit.com/community/retirement/discussion/re-for-the-past-few-years-until-recently-i-ve-been-confusing-my-roth-401k-through-my-employer-with-a/01/2166647#M145758 griffenclark 2021-04-03T17:15:16Z https://ttlc.intuit.com/community/retirement/discussion/re-for-the-past-few-years-until-recently-i-ve-been-confusing-my-roth-401k-through-my-employer-with-a/01/2166712#M145761 <P>Line 10 of Form 1040-X, Other taxes, will show a change of negative $1 due to eliminating the $1 penalty on Part IV of the amended 2019 Form 5329.&nbsp; In the explanation that you provide with the Form 1040-X you will indicate that the correction is due to having previously reported on Part IV of Form 5329 a $12 excess Roth IRA contribution that was not actually made.</P> Sat, 03 Apr 2021 17:29:35 GMT https://ttlc.intuit.com/community/retirement/discussion/re-for-the-past-few-years-until-recently-i-ve-been-confusing-my-roth-401k-through-my-employer-with-a/01/2166712#M145761 dmertz 2021-04-03T17:29:35Z