Hi DanaB27,
I started the process of amending our 2021 return in TurboTax. Added the following 1099-R for
myself and my wife as below. It is okay If I share the token code (through share my file with agent) for
your review.
Self 1099-R
1 Gross distribution $2,422.86
2a Taxable amount $222.86
4 Federal income tax withheld $22.29
7 Distribution code(s) J, P
When it prompted "Did you use your IRA to pay for any of these expenses?" screen ,
entered $222.86 (earnings) under "Another reason".
Spouse 1099-R
1 Gross distribution $2,664.17
2a Taxable amount $186.39
7 Distribution code(s) J, P
When it prompted "Did you use your IRA to pay for any of these expenses?" screen ,
entered $186.39 (earnings) under "Another reason".
In the end <Your to-do list review>
IRA Contributions Worksheet 2021
Tax Payer Spouse
26 Excess Roth IRA contribution credit 130 100
Not sure how to go about this.
Also as due to adjusted MAGI now
Form 5329 for Self now shows
Part IV Additional Tax on Excess Contributions to Roth IRAs
23 Excess contributions for 2021 (see instructions) . . . . . . . . . . . . . . . . . . 23 290
Form 5329 for Spouse now shows
Part IV Additional Tax on Excess Contributions to Roth IRAs
23 Excess contributions for 2021 (see instructions) . . . . . . . . . . . . . . . . . . 23 100
How to address this since I yet to file 2022 can this excess be absorbed into Year2022 Roth IRA as we
will still can contribute further there.
Thank you for your support. On you acknowledgement I will share the token number.
Regards,
Sri
