My wife and I did not enter the amount that was contributed to Roth IRA in 2019 when filing the 2019 tax return, and now I am trying to amend my 2019 tax return due to excess contributions of $240 for both my wife and myself. I am amending the 2019 tax return with Turbotax 2019, and I have 3 questions:
1) we were able to get to the screen where Turbotax alarms us of possible penalties and expects us to make a withdraw. On the same page Turbotax asks us how much contributions have been withdrawn before the due date of the 2019 return. Since we have not withdrawn any till today, we entered "0". Shall we enter "0" for this page?
2) i noticed that Turbotax automatically generated and filled out form 5329 for both my wife and myself. At the very end Turbotax also correctly concluded that there are $28 due for federal tax. It seems all I need to do is to mail the amended federal and state tax return out. But how do I pay for the penalties of $28? The 5329 form does not ask for payment information (bank account, credit card, etc)
3) Turbotax asked for the value of my Roth IRA's on Dec 31, 2019. Shall I enter just the principals that I have contributed (115,000 with 5,500 from 2018 contribution and 6,000 from 2019 contribution), or shall I enter the true value in my Roth IRA account, which is likely to be more than 115,000 due to earnings, or it does not matter at all.
Thank you very much.
