You should only have the 2020 excess shown on your 2022 tax return Form 5329 lines 18. Do not enter the 2021 excess when TurboTax asks about prior excess contributions since you removed it by the due date. When you file your 2021 amended return verify that you entered the 2021 excess contribution as removed on the penalty screen (see my instructions in my previous post).
To verify the prior year's excess contributions on your 2022 tax return:
- Click "Federal Taxes" on the top and select "Wages & Income"
- Click "I'll choose what to work on"
- Scroll down and click "Start/Edit" next to "IRA, 401(k), Pension Plan (1099-R)"
- Click "Continue" on the "Review your 1099-R info" screen
- Answer all the questions and make sure you enter the net contributions prior to 2022 on the "Enter Prior Year Roth IRA Contributions" screen
- On the "Do you have any Excess Roth Contributions" answer "Yes"
- On the "Enter Excess Contributions" screen enter the total excess contribution from 2020 (make sure the 2021 excess amount is not included here).
@ChiMing
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