Form 5329 Correction

[Andy2020]

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

[DanaB27]

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?

[Andy2020]

Great, thank you for your help.