I just realized I had an Excess Roth IRA in 2023. My 2023 tax return was prepared by a CPA instead of TT. It is the first time for me to use TT this year. I wanted to move this amount to 2024 Roth IRA which is under my 2024 Roth IRA limit. I have not filed my 2024 return and not contributed Roth IRA for 2024 yet.
By learning many posts, I understand I need to file an amendment 2023 by paying 6% tax on this excess.
Questions:
1. To carry this excess from 2023 to 2024, do I need to take actions with Merrill Edge? or I just fill in TT and report it in 2024 filing?
2. For my 2024 filing, do I have to pay 6% tax? where to input?
3. How shall I handle the earnings generated by this excess?
4. 2023 amendment, can I do it by myself with TT or better to ask the CPA who prepared my 2023 to do so?
5. Anything else do I have to take care before filing my 2024 return? i.e. 2023 amendment will be taken care later and I am not so familiar with its impact on 2024.
I would like to invite @Dana17 to help me. Highly appreciated!
