Hello, @ThomasM125 @and to whom others it may concern. I am dealing with a similar situation. I made an excess contribution in tax year 2020 but did not correct it in tax year 2021.
Unexpectedly, the 1099-R I received had an codes ‘8j.’ For the 2021 tax year, I am working on making an excess contribution withdraw before this year’s deadline (I filed an extension already).
My questions are, while trying to correct an excess contribution made for tax year 2021, how do I also separately correct the excess contributions in tax year 2020 at this point?
How should this get reported in turbo tax?
For the excess from tax year 2020, will I get penalized for two years now?
Thank you for your time.
