Good Morning. Here is sequence of events in our case.
In 2019 I made $1,080 of excess contributions to a ROTH IRA .
In 2019 my wife made $1,080 of excess contributions to a ROTH IRA.
In 2020 I made $840 of excess contributions to a ROTH IRA.
In 2020 my wife made $720 of excess contributions to a ROTH IRA.
In 2021 I made $2100 of excess contributions to a ROTH IRA.
In 2021 my wife made $2700 of excess contributions to a ROTH IRA.
In March 2022 we realized our mistakes.
Later in Aril 2022 before tax deadline I withdrew the $2,200 (slight more than original excess 2,100) excess contribution and earnings.
Later in Aril 2022 before tax deadline my wife withdrew the $2,800 (slight more than original excess 2,700) excess contribution and earnings.
paid 6% penalty on excess $2,160 2019 contributions by submitting Form 5329 amending 2019 taxes.
paid 6% penalty on excess $2,160 2019 contributions and excess $2,800 2020 contribution by submitting Form 5329 on 2020 taxes.
paid 6% penalty on excess $2,160 2019 contributions and excess $2,800 2020 contribution by submitting Form 5329 on 2021 taxes. We didn't do manual
any entry of 1099-R for removal of 2021 excess contribution on 2021 tax return.
Later in Dec 2022 I removed excess $1,080 2019 contributions and excess $840 2020 contribution.
Later in Dec 2022 my removed removed excess $1,080 2019 contributions and excess $720 2020 contribution.
I now received 1099-R for my account with codes J,P and Fed income tax withheld.
My wife now received 1099-R (2 in it) for her account one with codes 8,J and another with code J,P.
We both are <59.5 years old.
Now we are ready to file our 2022 taxes and probably needs to amend 2021 return as we didn't include 1099-R previously.
Here are my questions
Is the following is what needs to be done.
1. Amend 2021 tax return and include 1099-R and how I report 2021 Roth IRA excess contribution withdrawal.
2. File 2022 tax return and include 1099-R due to code 8,J on one and Fed tax with held for another. How I report the excess contribution
that is withdrawn for 2019, 2020 and to generate 5329 to zero out 6% penalties.
Am I missing anything. Could you please provide detail steps to address this in TurboTax.
Thank you for your support.
Sri
