do you have to amend a tax return for a roth ira contribution
IRA or Roth IRA-Excess Contributions. If your total IRA contributions (both Traditional and Roth combined) are greater than the allowed amount for the year in your situation, and you have not withdrawn the excess contributions, you must complete Form 5329 to calculate a 6% penalty tax on the excess contribution.enerally, an excess contribution is the amount contributed to your traditional IRAs for the year that is more than the smaller of: 1  $5,500 ($6,500 if you are age 50 or older), or. 2  Your taxable compensation for the year.