qbteachmt
Level 15

I would expect you should amend, if there are multiple years with over-contributions and that was never reported or removed. Each of those years has the 6% excise tax and the earnings on that excess are considered taxable each year, as well. If none of that was reported, much less acted on, then there would be need to amend. Yes, if you remove all of it (excess + earnings), there still is time to avoid 2019 excise and income tax on it. Or, apply the 2019 overage to 2020, if it qualifies. Here:

https://www.irs.gov/publications/p590a#en_US_2019_publink1000231024

 

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