Hi Community tax experts
I need advice as I am very confused about how to file IRA properly. I have made several mistakes over the past three years and am still paying the penalty.
In 2019, I contributed
$3000 to Traditional IRA
$3000 to Roth IRA
In 2020, I converted $3004 from Traditional Roth to Roth ( forgot to report)
in 2020, I contributed $60000 to Roth IRA
In 2021, I was told by IRS that I have excess contributions in both 2019 and 2020 and I need to get them out so I withdrew
$3290 from Roth for 2019 excess contribution
$3590 from Roth for 2020 excess contribution
Because I invested the money in the stocks and I only had $23
in 2022 December 31st. Roth value only has $2372 left instead of $5120 ($12000 - $3290- $3590)
So I have no idea how to enter them into the IRA
One section is what's the 2020 taxable conversation I need to report net conversions to your Roth IRAs that were taxable and nontaxable in 2020. also enter withdrawals from this amount if any
Since I converted $3004 from traditional, Do I put $3004 or do I put $4 ( $3004 - $3000 that I originally put in)
What about Nontaxable conversions less withdraws? If I read it as is, it would be either $3004 - $3290 = Negative ($286). Can I put a negative number in there?
OR 3000-3290 = -290 since $4 is a gain? if so where do I put that $4?
It's a loaded question and I am just very confused. Please advise how I could proceed.
Thanks
