Hi Community,
I just recently found out that I my 2021 AGI fell in the “phase-out” contribution category for two Coverdell accounts that I have for my children, but I had contributed the full $2000 at the time to each. One account was opened in 2016 and another in 2019, but I have not taken distributions for education expenses from either.
1) Where and how in the 2021 return is this amended?
2) Do I request Returns of Excess from the investment company for these 2021 contributions to avoid future penalty?
As an aside if it matters, I removed the 2022 contributions a few weeks ago from each account, so there should be nothing that I need to do in Turbotax for 2022, correct?
Just trying to do the right thing here - thanks!
