Thank you for replying!
I have another question which is a separate situation but kinda related too: The IRS says that you can apply the excess contribution in one year to a later year as long as the total contributions for that later year are less than the contribution limit for the year. If that’s the case can move 2020 excess to 2022 contribution? I haven’t contributed any for 2022 but did meet limit for 2021. So moving to 2021 is not an option. That’s why I’m wondering if I can move excess from 2020 to 2022 and if that’s allowed how do I go about doing that? What is the impact on the tax returns? Do I still pay a penalty? What about the earnings part of the excess?
