Need help, as I think we made a mistake on handling an excess contribution to a regular IRA for 2019.
Made a contribution of $3,600 on December 31, 2019. Determined this was more than could be contributed by $978. Prior to the filing deadline, requested a distribution of the excess amount, and received $803.38 in return (assume the difference is because of a decline in value).
On the 2019 1040, reported contributions of $2,622 (3,600-978) on line 19 of Schedule 1.
I suspect this was the wrong thing to do.
The $803.38 returned as excess was contributed back into the IRA as a 2020 contribution.
Form 5329, line 9, requests excess contributions from 5329 from 2019 -- which we don't have. We entered the 803.38 anyway, and TurboTax flags it as an error.
I suspect we'll need to amend 2019...but I'm not sure how.
Can anyone clarify?
