Thank you so much for your response. I have a follow up question.
1. When we amend 2021 tax return (previously we haven't included any Roth IRA excess contribution for year 2021 ) do we need to first input Roth IRA contributions for 2021 so the turbo tax generated 5329 first and then enter 1099-R which subsequently might nullify 5329. If yes please guide with the steps.
2. Just in case after inputting 1099-R due to earnings (even though we removed little excess) MAGI is increased and it still shows small amount of excess for year 2021 what option we have can we just pay 6% penalty and in 2022 return move the minor excess from 2021 to 2022 as we haven't contributed very minimum for 2022. Could you guide us on the steps to take.
If I am bale to explain properly please let me know I will do my best.
Thank you for your support.
Regards,
Sri
2022
