Thank you for the explanation regarding form 5329. I think I get the jist of the situation.
Now in order to calculate net gains, do I have use this form below?
Net income= excess contribution x [(ACB−AOB)/AOB]
where: AOB=Adjusted Opening Balance, ACB=Adjusted Closing Balance
I have additional contribution for year 2025, so the figure gets really tricky since 2025 contribution is a loss and 2024 contribution is a gain and it technically reduces my gain. I know the exact quantities of the mutual fund shares I need to liquidate to determine the gain for 2024 which includes capital gain distribution I got last December as well.
Thank you.
