Cladenstien56
Returning Member

Excessive Roth IRA

Hello! I have made excessive contributions to my ROTH IRA for years 2020 and 2021. I have recently taken out the contributions in April of 2022 (before the October deadline with the extension). I have a couple questions on completing my amended tax return, and on filling out form 5329. First, do I report the distributions I took out in April 2022 on my 2020 5329 form (line 20 on 5329). Second, TurboTax calculated the 6% penalty for me, and on my 5329 I got the same number, so do I submit the 5329 with the amended return (I don't want to pay twice).  On my 2021 amendment, do I report the full distributions (2020 and 2021 excessive contributions I took out), or do I just report the 2021 excessive contributions I took out. Last, do I wait for a confirmation my 2020 amended tax return has been accepted before I can work on my 2021? Thank you so much!!!!