Question
Form 5329 Correction
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
